• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Brand Quest
• The New Manager

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources
• In Focus
• In Depth
• Events 2007

Group Sites

• The Hindu
• The Hindu ePaper
• Business Line
• Business Line ePaper
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

Our Bureau

Bangalore, April 2 Mindteck India Ltd, technology and IT services company, said it acquired Chendle Holdings Ltd, and its operating subsidiary Primetech Solutions Inc and two of Mindteck’s associate companies Mindteck UK Ltd and Mindteck Singapore Pte Ltd for $9.6 million to strengthen its footprint in Europe, APAC and the US.

Mr Jaydip Sikdar, Manager, Global Marketing, said Mindteck paid $2.5 million for its Singapore associate ($1 million in cash and $1.5 million through stock swap). The UK associate was acquired for $ 0.5 million and Primetech Solutions for $ 6.6 million (all in stock swap), he added.

The companies would be wholly owned subsidiaries of Mindteck India, effective April 1, the company said.

In a notice to the Bombay Stock Exchange, Mindteck India said its board approved the simultaneous issue and allotment on preferential basis of 15.35 lakh shares and 6.75 lakh shares with a face value of Rs 10 at a premium of Rs 90.30 per share as fully paid-up to Embtech Holdings Ltd and the independent shareholders of Chendle Holdings Ltd respectively on share swap basis for the acquisition of Mindteck Singapore Pte Ltd, Mindteck UK Ltd and Chendle Holdings Ltd.

In February, Mindteck India had acquired US-based Infotech Consulting for $21 million. On a stand-alone basis for the financial year ended March 31, 2008, consolidated revenue of Mindteck India and its newly acquired four companies is estimated to be over $75 million, Mr Sikdar said.

Mindteck said it has raised a total of $7.47 million through private equity for implementation of its ‘Go Global’ strategy. The new investments are being used to fund current acquisitions, repay debt, and for future growth, the company said.

More Stories on : Off-shore Development | Software

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Zensar gets over $5 m orders from W. Asia, S. Africa

Copyright © 2008, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line