HCL Technologies' Board has approved acquisition of majority stake in Geometric deal, as per some reports.
HCL Technologies' Board has approved the acquisition of majority stake in Geometric deal, as per some reports.
Geometric founder & CEO Manu Parparia is likely to sell 6.73% stake in the company, says report.
Geometric has informed BSE that a meeting of the Board of Directors of the company will be held on April 01, 2016 after 5 pm to discuss various strategic and restructuring options.
Geometric's shareholders are expected to get 10 shares in HCL Tech for 43 shares held. HCL Tech is likely to announce share swap deal with Geometric soon, reports added.
It would be pertinent to note that Godrej holds 31.23% stake in Geometric through Godrej & Boyce Manufacturing Company Ltd and Godrej Investments, while Parpia & his family owns 7.23% stake.
Mumbai-based independent investor Rakesh Jhunjhunwala and his wife, who together own 19% stake in Geometric, are likely to sell their stake in separate open market transactions with the acquirer.
Geometric started off as part of the Godrej Group in 1984 and was spun off into an independent company a decade later.
Geometric founder & CEO Manu Parparia is likely to sell 6.73% stake in the company, says report.
Geometric has informed BSE that a meeting of the Board of Directors of the company will be held on April 01, 2016 after 5 pm to discuss various strategic and restructuring options.
Geometric's shareholders are expected to get 10 shares in HCL Tech for 43 shares held. HCL Tech is likely to announce share swap deal with Geometric soon, reports added.
It would be pertinent to note that Godrej holds 31.23% stake in Geometric through Godrej & Boyce Manufacturing Company Ltd and Godrej Investments, while Parpia & his family owns 7.23% stake.
Mumbai-based independent investor Rakesh Jhunjhunwala and his wife, who together own 19% stake in Geometric, are likely to sell their stake in separate open market transactions with the acquirer.
Geometric started off as part of the Godrej Group in 1984 and was spun off into an independent company a decade later.
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