Reymond Karsan will be offered the forfeited shares amounting to Rs 1.25 crore in the new entity Sriven Enterprises Solutions, which will emerge once the process of open offer by Sriven & Associates is complete, Sriven chairman and managing director, VV Subrahmanyam, told reporters on Thursday. SIL has already entered into agreement with the US company to maintain and enhance software and to give maintenance support for 42 top-notch HRD consultants, he said. SIL, together with four others has made an open offer to the shareholders of Hyderabad-based Boss Industries Ltd, to acquire 18,09,000 shares, equivalent of 20 per cent of the paid-up capital at a price of Rs 10 each.

The four other acquirers include, Dr Neeraj's Multi Media Studios Pvt Ltd, Sriven Employees' FoundationTrust, V V Subrahmanyam and Dr Neeraj Raj, have entered an agreement with M Srinivas Prasad and M Sunitha, core promoters of BIL, to acquire 50,00,000 lakh equity shares (55.28 per cent) at a price of Rs 10 each.

BIL was promoted during 1995, with a paid up capital of Rs 9.04 crore comprising 90,44,800 shares of Rs 10 each, with a plan to set up a project to manufacture ball and taper bearings but were unable to implement the project till date. The shares of BIL are listed on Ahmedabad, Chennai, Delhi, Hyderabad and Bombay stock exchanges.