Hexaware divests stake in Mentorix for $7.5 million

By siliconindia   |   Wednesday, 10 September 2003, 19:30 IST
Printer Print Email Email
NEW DELHI: Hexaware Technologies, on Wednesday, announced the disinvestment of its entire stake in Mentorix Technologies Inc., US, to Lionbridge Technologies Inc. for an approximate amount of $7.5 million. The all cash transaction will result in a profit of $4.15 million, a notice on the BSE website said. The sale was done on the basis of the proposed offer by Lionbridge Technologies Inc., the US-based company, for 100% of the stock of Mentorix Technologies Inc., US, inclusive of its wholly owned subsidiary namely Mentorix Learning Technologies. The Hexaware board on Wednesday met and consented to go ahead with the disinvestment. Hexaware Technologies had made an investment in Mentorix Technologies Inc., in early 2001 to the tune of $3.35 million, comprising of 11,187,727 common stock of $ 0.30 each.