German company SQS Software, a specialist in software quality and software testing, will acquire a majority stake in the Chennai-based Thinksoft Global for Rs 148 crore.

It has signed a definitive agreement to acquire a majority of the outstanding shares of Thinksoft, a software testing company, for Rs 260 per share. This represents 26 per cent of the outstanding share capital of Thinksoft.

The price was at a premium of 68 per cent to Thinksoft’s closing share price on November 6, says a joint press release.

Thinksoft Global Services was locked in upper circuit of 20 per cent in early trade on Friday after the company said that SQS Software Quality Systems AG has made an open offer at Rs 260 a share to public shareholders.

The stock was ruling at Rs 194.15, up Rs 32.35 at 11.22 a.m. on the BSE.

The open offer was necessitated after the promoters agreed to sell 2.64 million shares or 26 per cent of their stake at Rs 260 a share to SQS Software Quality Systems AG — a company listed on the AIM at the London Stock Exchange with a secondary listing on the Deutsche Borse ‘Open Market’.

At the end of September 30, promoters held 5.45 million equity shares or 53.57 per cent stake in the IT consulting and services firm. Close to 15,000 individual retail shareholders, including 51 HNIs, hold a little over 40 per cent stake in the company.

“SQS Software Quality Systems AG has made an open offer to acquire up to 3.05 million equity shares fully paid-up equity shares of face value of Rs 10 each at an offer price of Rs 260 per equity share from the public shareholders of Thinksoft Global Services,” ICICI Securities, manager of the offer, said in a BSE filing.

(This article was published on November 8, 2013)
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