Financial Daily from THE HINDU group of publications
Tuesday, Oct 05, 2004
Financial Daily from THE HINDU group of publications Tuesday, Oct 05, 2004 |
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Info-Tech
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Mergers & Acquisitions Venture Tech buys majority stake in Intelligroup Our Bureau
Chennai , Oct. 4 VENTURE Tech Assets Ltd, an investor in technology and an iLabs group vehicle, has acquired major equity investment in Intelligroup Inc, provider of information technology services, together with Softbank Asia Infrastructure Fund (SAIF). A press release from Venture Tech said that last Friday, a $15-million private placement aggregating 1.76 crore shares of the company's common stock was completed. The purchasers now own about 50.3 per cent of the company's outstanding common stock. As part of the transaction, SAIF and Venture Tech can designate five out of nine members of the company's board of directors.
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