HCL Infosystems to sell biz unit to Karvy Data for Rs 108 cr

IT firm HCL Infosystems today said it will sell its subsidiary HCL Services to Karvy Data Management Services in a Rs 108 crore deal.
The sale of HCL Services Ltd, which was approved by HCL Infosystems' Board, consists of domestic enterprise services business, the company said in a BSE filing.
"The consideration for transaction will be Rs 108 crore, which includes the tax refunds of Rs 87 crore, which would be paid to the company to the extent received," the filing added.
The consideration is subject to final adjustments at time of closing date, it said.
The closure of transaction -- expected by April 1, 2018, is subject to certain conditions precedent, the filing added.

The deal, however, excludes HCL Infosystems' Care Business that is being transferred to HCL Computing Products Limited for subsequent divestment to BSE-listed Quess Corp.
It also excludes the IT & Facility unit including investment in Singapore subsidiaries and its step down subsidiaries, the filing said.