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Our Bureau

Bangalore June 22

Electronic Data Systems Corporation (EDS) said on Thursday that it has completed the acquisition of a majority stake in Mphasis BFL.

EDS acquired 83 million shares, amounting to 52 per cent stake of Mphasis, through a conditional open offer at Rs 204.5 a share.

For EDS, the total acquisition cost works out to $380 million (Rs 1,750 crore). EDS had earlier said that it received more than the required 83 million shares. Citibank officials, who advised EDS on the deal, had said that the additional shares would be returned to shareholders on proportionate basis after retaining the required 83 million shares.

Following completion of this acquisition, Mphasis would operate as an independent EDS company. With Mphasis and current expansion plans, EDS's total India work force is projected to exceed 20,000 employees by the year-end.

More Stories on : Mergers & Acquisitions | Software

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