Nucleus Software to exercise ''Put Option'' on General Motors Acceptance Corporation''s Indian operations

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."