Wipro Buys Hdfc Out Of Spectramind

Wipro Ltd said today that it has acquired the entire equity holding of 8 per cent owned by Housing Development Finance Corporation Ltd in Wipro Spectramind Services Pvt Ltd for an aggregate consideration of $5.5 million.

With this transaction, Wipro Spectramind Services Pvt Ltd. is a fully owned subsidiary of Wipro Ltd. Wipro has totally paid around $102 million for buying the entire 100 per cent stake.

In a communication to the Bombay Stock Exchange, Wipro Ltd said it acquired from Housing Development Finance Corporation Ltd equity shares representing 8 per cent of the outstanding equity shares of Wipro Spectramind Services Pvt Ltd.

 

These equity shares represent approximately 6 per cent of the equity of Wipro Spectramind Services Pvt Ltd on a fully diluted basis.

Wipro initially picked up 17 per cent stake in eSpectramind, an IT-enabled services company in October, 2001 for $10 million. In the second round, it picked an additional 66 per cent stake for $83.04 million in July, 2002.

In the third round, it picked up 2 per cent more which as the entire equity holding of American express in eSpectramind for $3.5 million in September, 2002.

In its full year of operations, Spectramind recorded revenues of around $10 million and posted loss of around $2 million as of March 2002.

Revenues for the quarter ended June 30, 2002 was $6 million and net profit was $0.3 million.

As of June, 2002, Spectramind had seven customers and over 2,700 employees.

For 2002-03, Spectramind is expected to record revenues of around $45 million.