Cambridge Technology Enterprises (CTEL), a Hyderabad-based provider of service-oriented architecture-based solutions, will be divesting its wholly-owned subsidiary – CTE Global Solutions Private Limited. A definitive agreement towards this has been approved by the board of directors of the company, at its meeting held on October 5, 2009.

This measure is part of the ongoing efforts of simplifying and enhancing the efficiency of the company’s global operations and its corporate structure. All the employees and the global delivery services being provided by CTE Global Solutions to CTE-US will be transferred to CTEL’s Bangalore branch as part of this business restructuring, the company said in a filing to the BSE on Tuesday.

The scrip of CTEL is currently trading at Rs 27.25 on the BSE, down 0.37per cent over the previous close of Rs 27.35.

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