IT firm KPIT Cummins Infosystems today said it will acquire 50% stake in Systime Global Solutions for Rs 103 crore.
The board has approved buying 50% of the equity and preference shares of business solutions provider Systime Global Solutions for a consideration of Rs 103 crore, KPIT Cummins Infosystems said in a filing to the Bombay Stock Exchange (BSE).
The company 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, the statement added.
Systime Global Solutions, a wholly-owned subsidiary of the CMS group, is a global business solutions provider delivering services for the past 33 years. The company has clients like Bharti Airtel, AT&T, Emirates and Lufthansa.
Shares of KPIT Cummins Infosystems closed at Rs 165.25 on the BSE, up 0.85% from the previous close.
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