Apax Partners buys 23.2% in Zensar Tech, stock gains 5%

Moneycontrol BureauShares of Zensar Technologies advanced 4.6 percent intraday Monday. Marina Holdco, a company backed by funds advised by Apax Partners has acquired 23.2 percent stake in the company from Electra Partners Mauritius.However, RPG Group continues to be the promoter and the largest shareholder in the company with a 48 percent stake."In association with Apax, the company expects to further focus on its key differentiated capabilities and achieve a leading position in the emerging offerings including E-commerce, Digital, Cloud and Mobility," as per BSE filing.Harsh Goenka, Chairman of Zensar and the RPG Group said, “The association with Apax is a welcome development and is expected to bring significant value to the company. With Apax’s track record in the technology services space, Zensar is expected to benefit through access to a wider global customer base and best practices. Zensar looks forward to engaging with Apax with a renewed focus on core differentiated capabilities and key accounts to drive the next wave of growth and value creation.”At 10:38 hrs Zensar Technologies was quoting at Rs 866.80, up Rs 25.70, or 3.06 percent on the BSE.Posted by Rakesh Patil