Moneycontrol
you are here: HomeNewsBusiness
Last Updated : Apr 16, 2018 04:59 PM IST | Source: PTI

HCL Infosystems scraps sale deal with Axis Investment

"The closure of transaction was subject to certain conditions precedent as specified in the Share Purchase Agreement (SPA). Since the buyer has failed to pay the consideration, which is a breach of warranty, HCL Insys has decided to terminate the SPA," the IT firm said in a regulatory filing.

Shiv Nadar, Founder and Chairman of HCL Technologies: USD 14.6 billion | Nadar’s wealth comes from the multinational IT services company he founded in 1976. Nadar is one of India's leading philanthropists, having donated USD 662 million to his Shiv Nadar Foundation, which backs education-related causes. (Image: Reuters)
Shiv Nadar, Founder and Chairman of HCL Technologies: USD 14.6 billion | Nadar’s wealth comes from the multinational IT services company he founded in 1976. Nadar is one of India's leading philanthropists, having donated USD 662 million to his Shiv Nadar Foundation, which backs education-related causes. (Image: Reuters)
 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

HCL Infosystems today said it has decided to terminate the deal with Axis Investment Incorporated to sell its subsidiary.

"The closure of transaction was subject to certain conditions precedent as specified in the Share Purchase Agreement (SPA). Since the buyer has failed to pay the consideration, which is a breach of warranty, HCL Insys has decided to terminate the SPA," the IT firm said in a regulatory filing.

In February, HCL Infosystems had said HCL Insys, Singapore will sell its entire investments in subsidiary -- HCL Infosystems MEA FZE along with step down subsidiary of HCL MEA to Axis Investment Incorporated.

The acquisition value was 4.12 million dirham, including borrowings of HCL MEA of 2.42 million dirham that was to be taken over by the buyer.
First Published on Apr 16, 2018 04:53 pm
Loading...
Sections
Follow us on
Available On