19 M HCL Tech shares for Deutsche Bank

Thursday, 25 November 2004, 08:00 Hrs
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MUMBAI: HCL Technologies, one of India's leading software development and services companies, said Wednesday it would issue 19.36 million company shares to Deutsche Bank as part of an agreement.

The company's board has approved the issuance at 361 per share subject to necessary regulatory and other approvals, including the approval of the shareholders of HCL Technologies.

An extraordinary general meeting of the shareholders has been called Dec 21 for this purpose, said a company statement.

HCL Technologies said the proposed issue is part of a joint venture agreed in Sep 2001.

Based in Noida, on the outskirts of New Delhi, HCL Technologies has 26 offices in 15 countries to deliver solutions across select verticals including banking, insurance, retail, aerospace, automotives, telecom and life sciences.

As of the second quarterly period ended Sep 30, 2004, HCL Technologies along with its subsidiaries had 18,474 employees.

Source: IANS
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