The Hindu Business Line : Hughes Soft to be renamed Flextronics

HUGHES Software Systems Ltd (HSS) said on Thursday its board of directors has approved the change of name of the company to `Flextronics Software Systems Ltd.'

HSS informed the BSE that "the board of Directors of the Company, by way of resolution passed by circulation on December 22, 2004, has approved the change of name of the company from `Hughes Software Systems Limited' to `Flextronics Software Systems Limited,' subject to the approval of the shareholders and other statutory approvals."

When contacted, Mr Arun Kumar, President and Managing Director of HSS, said, "Flextronics is now the majority shareholder in the company and hence, the name is being changed. Flextronics holds about 70 per cent stake, and the balance is with the public."

About 55 per cent of the outstanding shares were acquired from Hughes Network Systems, and approximately 15 per cent were acquired in an open offer that was completed in October this year.

Flextronics paid approximately $226.5 million to Hughes Network Systems, Inc for its ownership stake in HSS and approximately $62.5 million to the shareholders of HSS who participated in the open offer made by it in accordance with Indian securities regulations.

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