Cyprus-based Gagil buys 10.48% stake in Infotech Enterprises for Rs 201 cr

Our Bureau Mumbai | Updated on March 12, 2018 Published on August 14, 2012

Cyprus-based Gagil FDI acquired 10.48 per cent stake in Infotech Enterprises for over Rs 201 crore.

In a filing to the BSE, Gagil informed that it had acquired 1.17 crore shares in the company on August 10 through a private arrangement.

The deal value for the sale of 10.48 per cent stake stood at Rs 201.36 crore, it added.

“The shares being acquired by Gagil FDI are from GA Global Investment and Gagil FDI and GA Global Investment qualify as a ‘persons acting in concert’ under SEBI (Substantial Acquisitions of Shares and Takeovers) Regulations 2011,” said the filing.

Infotech shares closed at Rs 179 on the BSE, up 2.29 per cent from its previous close.

Infotech is a global engineering services company providing services to industries including aerospace, energy, oil and gas, consumer electronics, telecom, utilities as well as the Government.

Infotech Enterprises reported a net profit of Rs 53.54 crore for the quarter ended June 30, 2012 against a net profit of Rs 24.18 crore for the year-ago period.

Published on August 14, 2012

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