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HCL Technologies falls on profit booking after Actian Corporation deal

In past two trading days, HCL Technologies had outperformed the market by surging 7% against 0.65% rise in the S&P BSE Sensex.

SI Reporter  |  Mumbai 

HCL Tech changes staff cost structure

HCL Technologies was down 2% to Rs 990, falling 3% from its early morning high after the company and (SEP) signed a definitive agreement to acquire US company in an all-cash deal, valued at $330 million (Rs 21.55 billion).

HCL will own 80% stake in the joint venture that has been formed, with holding 19.5% and Rohit De Souza (CEO) owning 0.5%, HCL said in a regulatory filing on Thursday after market hours.

The acquisition will be funded by HCL Technologies, making an equity contribution of US $ 164 million and debt of US $ 125 million. and De Souza will contribute US $ 40 million and US $1 million, respectively, the filing said.

said the acquisition is part of the Company’s Mode 3 strategy to augment its capabilities in the data management products and platforms. HCL would own high margin, recurring revenue IP business in data analytics, integration and management products.

At 10:40 am; was trading 1.4% lower at Rs 997, after hitting intra-day high of Rs 1,020 on the A combined 1.06 million shares changed hands on the counter on the and so far. On comparison, the S&P Sensex was up 0.49% at 34,267 points.

In past two trading days, had outperformed the market by surging 7% against 0.65% rise in the benchmark index. It trading close to its 52-week high of Rs 1,042 recorded on January 24, 2018 and all-time high of Rs 1,058 touched on March 11, 2015 on the BSE in intra-day trade.


First Published: Fri, April 13 2018. 10:45 IST
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