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Infosys shareholders have given their nod to transfer its product business entities, Finacle and Edgeverve Services businesses for ₹3,620 crore to Edgeverve Systems as it looks to sell these businesses.
According to a filing in the stock exchanges, shareholders have also given their nod to increase share capital of the company, issue bonus shares or stock dividend in the ratio of 1:1, transfer of Finacle business to its subsidiary Edgeverve Systems and transfer business of Edgeverve Services to Edgeverve Systems.
The company had asked its shareholders to vote on this on April 30, according to a filing in the BSE. In that notice, the company said that it wants to transfer Finacle business for ₹3,400 crore and Edge Services would be for Rs 220 crore.
The company does not give a break-up of its Finacle business but it said that a majority of banks globally use its technology.
Edgeverve Systems Ltd is a wholly-owned subsidiary of Infosys that develops and operates cloud-hosted business platforms and software products and offers them as ‘pay-as-you-use’ services.
It has 600 employees and its products and platforms are used by global corporations across industries such as financial services, insurance, retail and CPG, life sciences, manufacturing, and telecom.
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