MindTree picks up 14 percent in Aztecsoft
Mumbai: IT research and development firm MindTree has picked up over 14 percent in Aztecsoft through market purchase transaction route for Rs52.75 crore.
"MindTree has bought 66 lakh shares representing 14.67 percent of total paid-up capital of Aztecsoft at a price of Rs79.93 per share from the open market for a total gross value of Rs52.75 crore," said MindTree.
Earlier on May 2, MindTree had entered into a definitive agreement with the largest shareholder of Aztecsoft to acquire 32.57 percent at Rs 80 per share. Accordingly, the company made an open offer to acquire up to 93,06,381 shares, representing 20 percent stake in Aztecsoft, at a price of Rs.80 per equity share. The offer would remain open from 30 June 30 till 21 July.
MindTree plans to merge Aztecsoft into itself, subject to customary regulatory filings, clearances and approvals, a move which is likely to make it the market leader in outsourced product development and testing.
siliconindia news bureau
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