Allsec Technologies is set to invest up to $10 lakh in the share capital of its US subsidiary Allsectech Inc.
The investment committee of the company’s board approved this investment at a meeting held on January 13. The company’s limited review report by S.R. Batliboi & Association LLP said that as on September 30, 2013, Allsec has an investment of Rs 5.95 crore and receivable balance (net) of Rs 6.14 crore from the subsidiary.
The subsidiary’s accumulated losses have fully eroded its net worth as at September 30, 2013. On Friday, Allsec’s share price on the BSE was up Rs 1.35 at Rs 28.40.