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Moschip Semiconductor Technology Ltd. Company History and Annual Growth Details

YEAR EVENTS

2001

- In a significant development, the Hyderabad-based MosChip Semiconductor Technology Ltd has identified the Silicon Valley-based Netmos Technology Corporation for acquisition in an all share swap deal. PricewaterhouseCoopers has been appointed as consultants to arrive at the valuation in order to facilitate the acquisition.

-Finalised the move to acquire the Silicon Valley-based closely-held NetMos Technology Corporation, has decided to increase the authorised share capital from Rs 11 crore to Rs 20 crore and allot 8.5 million shares to NetMos for its takeover.

-Announced that its board has allotted 83.25 lakh equity shares to the members of the US-based NetMos Technology Inc as a consideration towards the acquisition of the US company.

-Appointed Actron of Germany and Sabre Advanced Microelectronics of UK as strategic channel distributors for the European markets.

-Appointed follwoing as its R & T Agents for both physical and electronic mode in place of M/s.Karvy Consultants Ltd., Hyderabad : M/s.Sathguru Management Consultants Pvt. Ltd., Plot No.15, Hindi Nagar, Punjagutta, Hyderabad - 500 034. Ph. : 040 - 335 0586/6507/6975, Fax : 040 - 335 4042. Contact person : Mr.K.Raghunathan, Director.

-Board appoints ADM K.K., a Japan based company as distributor for marketing its products

-Decided to raise $1-1.5 million for its operations

2002

Allotted 9,50,000 warrants convertible into equal number of equity shares at a price of Rs 30 per share to the following on preferential basis ESS Technology Inc.

-Announces the launch of three new products designed at its Hyderabad development center.

-Allotment of 2,00,000 equity shares and 2,00,000 convertible warrants on preferential basis.

-Granted 25,000 stock options on October 31, 2002 to the employees of Moschip Semiconductor Technology.

2003

-Granted 2,85,000 stock options on January 29, 2003 to the employees of Moschip Semiconductor Technology Ltd.

-Decided to amalgamate Verasity Technologies Inc USA, a California based Corporation, into the Company as per the provisions of the Companies Act, 1956 through court procedures

-Unveiled another product in its USB (universal serial bus) connectivity line of highly integrated devices

-Dr M Rammohan Rao has joined the Board of Directors who fills in the gap that was created by resignation of Mr V Ramesh. Mr P s Narayan Director (Engineering) has also taken over as Vice-President (Engineering) from Vivek Kumar Gupta.

-Granted 3,01,000 stock options on June 27, 2003 to the employees of the Company and also employee of MosChip Semiconductor Technology, USA a wholly owned subsidiary.

-Decided to launch the latest product in its USB connectivity line of highly integrated devices.

- Hon'ble High Court of Andhra Pradesh approved the amalgamating Verasity Technologies Inc USA with the company.

-Board approved to Raise funds up to US $ 3 million

-Raising an additional amount of Rs 120 million for meeting further capital expenditure, working capital and general corporate requirements through rights issue of 33,43,587 equity shares subject to the rounding off based on the shareholding on the record date in the ratio of 6:55 at a price of Rs 35 per share.

-To allot 8,50,000 equity shares upon conversion of warrants which were issued and allotted during the year 2002.

Allotment of 61,77,778 equity shares to the members of the Verasity Technologies Inc, under the Scheme of Amalgamation as approved by the Hon'ble High Court of Andhra Pradesh.

2004

-Approved and taken on record the draft letter of offer for the forth coming rights issue of the company.

-Delists from the Hyderabad Stock Exchange Ltd (HSE), with effect from December 17, 2004.
 
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