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MindTree acquires over 14% in Aztecsoft

MindTree acquires over 14% in Aztecsoft
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First Published: Thu, May 08 2008. 01 13 PM IST
Updated: Thu, May 08 2008. 01 13 PM IST
PTI
Mumbai: IT research and development firm MindTree has acquired over 14% in Aztecsoft through market purchase transaction route for Rs52.75 crore, ahead of its open offer for acquiring 20% stake.
MindTree has bought 66 lakh shares representing 14.67% 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, MindTree said in a filing to the Bombay Stock Exchange.
Earlier on 2 May, MindTree had entered into a definitive agreement with the largest shareholder of Aztecsoft to acquire 32.57% at Rs 80 per share.
Accordingly, the company made an open offer to acquire up to 93,06,381 shares, representing 20% stake in Aztecsoft, at a price of Rs80 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.
The shares of MindTree were trading at Rs473, down 1.71% on the BSE in morning trade while Aztecsoft was quoted at Rs75.25, down 3.09% on the BSE.
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First Published: Thu, May 08 2008. 01 13 PM IST