KPIT Cummins today got nod from its board to acquire IT service provider Systime Global Solutions.
The board of the company approved purchase 50% of the equity and preference shares of Systime Global Solutions which focuses on IT company Oracle's solution JD Edwards practice, KPIT Cummins said in a filing to the Bombay Stock Exchange (BSE).
The company will purchase these shares for Rs 103 crore.
KPIT will acquire the remaining 50% of the equity and preference shares over a period of three years, at a price which will include a certain fixed and variable consideration.
Systime is subsidiary of IT company CMS Infosystems.
The share of the company today closed at Rs 170.05 down 1.28% on the BSE.