Zensar Technologies gains as Apax buys 23.2% stake

Zensar Technologies rose 2.83% to Rs 864.90 at 09:43 IST on BSE, after a company backed by Funds advised by Apax Partners announced the acquisition of 23.2% stake in the software firm.

Meanwhile, the S&P BSE Sensex was down 5.04 points or 0.02% at 27,074.47

On BSE, so far 13,577 shares were traded in the counter as against average daily volume of 22,116 shares in the past one quarter.

The stock hit a high of Rs 880 and a low of Rs 855.55 so far during the day. The stock had hit a record high of Rs 1,011 on 5 August 2015. The stock had hit a 52-week low of Rs 563.90 on 15 December 2014.

The mid-cap software services and infrastructure provider has equity capital of Rs 44.46 crore. Face value per share is Rs 10.

Marina Holdco (FPI), a company backed by Funds advised by Apax Partners (Apax Funds, and together Apax) on Friday, 9 October 2015 announced the acquisition of 23.2% stake in Zensar Technologies (Zensar). The stake was acquired from Electra Partners Mauritius (Electra), an existing minority shareholder. RPG Group continues to be the promoter and the largest shareholder in the company with a 48% stake. Zensar and Apax made the announcement in a joint press release after market hours on Friday, 9 October 2015.

In association with Apax, Zensar expects to further focus on its key differentiated capabilities and achieve a leading position in the emerging offerings including E-commerce, Digital, Cloud and Mobility, the press release said.

Harsh Goenka, Chairman of Zensar and the RPG Group said that with Apax's track record in the technology services space, Zensar is expected to benefit through access to a wider global customer base and best practices.

Zensar Technologies' consolidated net profit rose 5.96% to Rs 76.08 crore on 8.08% growth in total income to Rs 719.41 crore in Q1 June 2015 over Q4 March 2015.

Zensar Technologies is a leading software and infrastructure services and solutions provider with industry expertise across manufacturing, retail, healthcare, utilities, banking, financial services, insurance and e-commerce.

Powered by Capital Market - Live News