Read
Listen
Watch
Play
Find
Mail

  • Quotes

  • NAVs

  • News

  • Messages

  • Opinions

  • Notices

  • Videos
  Post a Message | Explore Forums  |  Browse Stock Messages  |  Hot Discussions  | Top rated Messages  | Top Boarders
Search: Messages    Stock    Boarder
 
Ads by Google
Moneycontrol.com >> Message Board >> View Messages >> Aztecsoft
   You are here :     Moneycontrol     MMB    Stocks      Aztecsoft                         Most active discussions of 2006 , 2007 & 2008
MindTree set to hike stake in Aztecsoft (1)   16-Jun-08 11:27Tracked by (0)  
Posted by:   seankdkb on ( 16-Jun-08 11:27 )
Price : BSE: Rs 463.65 ( 1.43 % ), NSE: Rs. 465.00 ( 1.90 % )
With the regulator having accorded permission for open offer, MindTree is set to raise its stake in Aztecsoft.

“We have secured the approval from the Securities and Exchange Board of India (SEBI) for the open offer today. MindTree is likely to pick up another 20 per cent stake through this offer and scale it up to 84 per cent, with total investment of $90 million,” Mr Samir Bodas, Chief Executive Officer, Aztecsoft told Business Line.

MindTree Consulting has acquired 32.5 per cent equity stake from e4e Holdings, Mauritius, in Aztecsoft. It has also accumulated another 32 per cent equity from the open market, taking the total holding in Aztecsoft to 64 per cent. The process of integration is on.

Mr Bodas said, “the open offer is likely to be concluded by August. Meanwhile, necessary approvals from the Karnataka High Court for the merger are being processed and likely to be completed within six months.”

“Passing through open offer process and Court order, we expect the new entity under the MindTree brand to be reflected during the first quarter of 2009. Till such time, Aztecsoft will retain its identity,” he said.

Post-integration

After integration, there will be broad business areas of embedded design, business intelligence and datawarehousing, infrastructure management and SAP.

To this, Aztecsoft will add product development and testing capabilities for independent software vendors, Mr Bodas who was in the city visiting Aztecsoft facilities explained.

Together, the combined entity will have revenues of about $300 million this fiscal, up from $250 million previous year.

While Aztecsoft is set to grow from $63 million to $80 million, MindTree has guided for $220-$230 million, up from $191 million, he said.

While the combined entity now has a workforce of 8,000 people (5,600 MindTree), Aztecsoft is likely to add more during the year.
Track Post |  Reply to this post | Track Boarder | Click if Offensive | Rate message

Feedback

2 queries on Aztecsoft

2:11 conversion.. - Would they automatically convert and deposit mindt...
NSE Announcements on Aztecsoft - does it mean that if i hold 110 shares of aztec th...

More from the Computers - Software Sector

3i Infotech  |   Accel Frontline  |   Aftek  |   Allied Digital  |   ALLSEC Tech  |   aurionPro Sol  |   Blue Star Info  |   California Soft  |   Cambridge Sol  |   Cambridge Tech  |   Compulink  |   Computech Inter  |   Core Projects &  |   Cranes Software  |   Datamatics Tech
 see more

Boarders tracking Aztecsoft

narendrapatnaik  |   wealth advisor  |   Dracs1976  |   bkumar  |   abhi4u82  |   jig13  |   bhushan_pd  |   kasdhana  |   deepakdj  |   manju1972  |   charls  |   madhavan4uu  |   chiguluri  |   sachinkankane  |   rgowri
 see more

News Updates on Aztecsoft

NSE Announcements on Aztecsoft - Aztecsoft Limited has informed the Exchange that t...
BSE Announcements on Aztecsoft - Aztecsoft Ltd has informed BSE that the Board of D...

CNBC TV18 CNN IBN CNBC Awaaz IBN 7 IBN LOKMAT