Quitant to fully become iGate's
By siliconindia staff writer   |   Tuesday, 20 April 2004, 19:30 IST
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NEW DELHI: With Phaneesh Murthy at the helm, software company iGate Global Solutions (formerly Mascot Systems) is turning its 51 per cent subsidiary – Quitant Services – into a wholly owned subsidiary. According to sources, the conversion into a wholly owned subsidiary would be done by a share swap wherein 31,666 equity shares held by three non-resident individuals (NRIs) and 10,000 shares held by a resident individual – TG Ramesh – in Quitant Services would be transferred to iGate Global Solution. These individuals, in turn, would be issued shares in iGate Global Solution. This action is a follow-up of the government decision to allow 100 per cent FDI in the IT sector under the automatic approval route of the RBI. The company has got a green signal from the Department of Information Technology (DoIT) for the move. Quitant Services is engaged in the business of information technology enabled services and has expertise in the financial sector. iGate Global Solution holds 57,977 equity shares in Quitant Services Limited as on date. According to sources, iGATE Global Solution has successfully moved a board resolution for the swap. As a first step to this, the ADRs that Quitant Services had issued to the three NRIs would be converted into equity shares.

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