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The board of directors of
Nucleus Software Exports Ltd today decided to exercise the company''s ''Put Option'',
subject to regulatory approval, on the 10,040,000 equity shares held by the company
and its nominees, in GMAC Financial Services India Ltd. The
option will be exercised in terms of the shareholder agreement with General Motors
Acceptance Corporation (GMAC USA) for the shares, amounting to 25.1 per cent of
the Indian company''s shareholding. This
coincides with GMAC Financial Services stepping up their equity investment in
GMAC India. In
September 2004, Nucleus Software, one of GMAC''s key international IT partners
had acquired 25.1 per cent of GMAC''s Indian operation. Nucleus
Software has also announced the commencement of the Benelux implementation of
FinnOne retail suite for GMAC International Operations after its successful implementation
in Italy. "Our
association with GMAC continues to be a truly enriching experience," said
Vishnu R Dusad CEO and managing director, Nucleus Software. "As partners
we have gained deep
insights and understanding of processes within the markets in which our clients
operate. With successful implementation of FinnOne suite at Italy, we are now
geared up for the next phase at Benelux."
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