Accel Frontline promoters to dilute stake to meet min shareholding norms

Accel Frontline Ltd promoters have decided to dilute their stake to achieve Minimum Public Shareholding norms. The company today informed the BSE that its Board has noted the intimation received from the promoters of the Company that they are planning to divest their stake so as to achieve Minimum Public Shareholding norms as per the Listing Agreement.

According to BSE data, the promoters and promoter group currently hold 89.02 per cent in the company. The largest shareholder is CAC Corporation, which holds 60.95 per cent, Accel Ltd (22.20 %), Panicker N R (1.25%) and Accel systems Group Inc, USA (0.62%).

In December 2013, CAC Corporation, Japan had announced that it would be acquiring 51 per cent in Chennai-based Accel Frontline Limited (AFL), a mid-size IT company. The deal value was estimated to be around Rs 130 crore, including equity and soft loan.