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CAC Corporation, Japan, will acquire 51 per cent in Chennai-based IT company Accel Frontline Ltd.
As per a definitive agreement signed today, CAC will become a ‘strategic’ partner in the BSE-listed Accel Frontline.
CAC will acquire 51 per cent of equity shareholding through purchase of equity shares from promoters, subscription of new equity shares of the company and purchase of equity share form public shareholders by the mandatory open offer for up to 26 per cent of the company’s fully diluted equity capital at of Rs 45 per equity share, says a press release.
Accel Frontline stock was trading at Rs 35.50 on the BSE today, up 4.87 against the previous close.
Raja.simhan@thehindu.co.in
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