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HCL Infosystems scraps sale deal with Axis Investment

Press Trust of India  |  New Delhi 

Infosystems today said it has decided to terminate the deal with Axis Investment Incorporated to sell its subsidiary.

"The closure of transaction was subject to certain conditions precedent as specified in the Share Purchase Agreement (SPA). Since the buyer has failed to pay the consideration, which is a breach of warranty, Insys has decided to terminate the SPA," the IT firm said in a regulatory filing.

In February, Infosystems had said HCL Insys, will sell its entire investments in subsidiary -- MEA FZE along with step down subsidiary of to Axis Investment Incorporated.

The acquisition value was 4.12 million dirham, including borrowings of of 2.42 million dirham that was to be taken over by the buyer.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, April 16 2018. 16:50 IST