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Indian-Commodity  :  Equity & Shares  :  HCL Infosystems shines on getting nod for sale of CARE Business

HCL Infosystems shines on getting nod for sale of CARE Business (01-Feb-2018)

HCL Infosystems is currently trading at Rs. 55.75, up by 2.25 points or 4.21% from its previous closing of Rs. 53.50 on the BSE.

The scrip opened at Rs. 54.20 and has touched a high and low of Rs. 56.70 and Rs. 54.20 respectively. So far 251996 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 64.75 on 09-Jan-2018 and a 52 week low of Rs. 39.80 on 11-Aug-2017.

Last one week high and low of the scrip stood at Rs. 59.40 and Rs. 53.05 respectively. The current market cap of the company is Rs. 1827.00 crore.

The promoters holding in the company stood at 62.89%, while institutions and non-institutions held 2.49% and 34.62% respectively.

HCL Infosystems has received an approval for sale of CARE Business, a division of HCL Services (Wholly owned subsidiary). The board of directors at its meeting held on January 31, 2018 has approved for the same.

CARE Business division shall first be transferred by HCL Services to HCL Computing Products (HCPL) on slump sale basis as a going concern under a Business Transfer Agreement (BTA). After completion of Slump sale of the CARE Business into HCPL, the entire shareholding of HCPL held by the company shall be sold to Quess Corp, the buyer, a listed Public Limited company under a Master Agreement (MA).

The total consideration for transaction is Rs 30 crore. The closure of transaction is subject to certain conditions listed out in BTA and MA. The transaction is expected to be completed by April 30, 2018.

HCL Infosystems is one of India's premier IT Services, Distribution and Digital Solutions Company, enabling organizations to attain and sustain competitive advantage by leveraging Information and Communication Technologies.


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