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IT company HCL Technologies Ltd today informed the stock exchanges that its acquisition of 51% stake in German IT Consulting Company, Gesellschaft für Banksysteme GmbH (GBS) has been completed effective 5 Janaury
"This is further to our letter dated December 8, 2021 wherein the Company had intimated the acquisition of 51% stake in German IT Consulting Company, Gesellschaft für Banksysteme GmbH (“GBS") and a disclosure in terms of Regulation 30(4) of the SEBI (Listing Obligations and Disclosures Requirements) Regulations ,2015 was submitted. We would like to inform you that the aforesaid acquisition has been completed effective January 5, 2022," HCL Tech said in a filing.
On Thursday, HCL Tech shares were down 1.82% to close at ₹1,286.90 on NSE.
HCL Tech and Deutsche Apotheker- und Ärztebank eG (apoBank) - the largest cooperative primary bank in Germany - had in December signed an agreement to acquire GBS.
Post-closing, HCL Technologies will own 51% while apoBank will own 49% stake of gbs, a statement said.
The total purchase price is €99,000 (about ₹84.4 lakh). apoBank is currently a 10% shareholder and is increasing its stake in gbs from 10% to 49%.
The company will also be strategic partner of apoBank to deliver IT services leveraging domain strength, it added.
This collaboration is in line with HCL Technologies' investments in a local delivery model supported by a highly skilled German workforce. Revenue of gbs for CY21 is expected to be €4.1 million. It has 60 employees.
