Software services provider IBM is eying ICICI Bank's 20.33% stake in 3i Infotech, reports CNBC-TV18's Kritika Saxena quoting sources. It is being learnt that the company may have completed due diligence of 3i Infotech last week.
However, an official offer has not been put up as yet. Typically, once a company finishes its due diligence, it puts out an offer within a week or two. As per the diligence done by IBM, sources say that the overall value of 3i Infotech could be between USD 240-300 million, which is a significant premium taking the current market price into consideration. When contacted, IBM and ICICI Bank officials remained muted, saying they could not comment on speculations as per policies. However, a spokesperson from India's leading private sector lender added, "3i is a financial investment for the company and we evaluate all opportunities on an ongoing basis". On the back of this news, 3i Infotech was quoting at Rs 47.75, up Rs 2.75, or 6.11% at 11.11 am.Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
