Allsec approves investment in share capital in US subsidiary

CHENNAI: Allsec Technologies today said its board has approved a proposal for investment of up to $10,00,000 in share capital of its US subsidiary Allsectech Inc.

The investment committee of board of directors at its "meeting held on January 13, has approved a proposal for investment in the share capital of Allsectech Inc, USA, a wholly owned subsidiary to the extent of $10,00,000", Chennai-based Allsec Technologies said in a filing to the BSE.

The company would begin the "necessary formalities" to give effect for this proposal, it said.

Shares of the company ended at Rs 28.40 apiece, up by 4.99 per cent over previous close on the BSE.