HCL In­fos­ys­tems scraps sale deal with Axis In­vest­ment

Business Standard - - COMPANIES -

HCL In­fos­ys­tems on Mon­day said it had 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, HCL In­fos­ys­tems has de­cided to ter­mi­nate the SPA,” the IT firm said in a reg­u­la­tory fil­ing. In Fe­bru­ary, HCL In­fos­ys­tems had said HCL In­sys, Sin­ga­pore will sell its en­tire in­vest­ments in sub­sidiary — HCL In­fos­ys­tems MEA FZE — along with step down sub­sidiary of HCL MEA to Axis In­vest­ment In­cor­po­rated. The ac­qui­si­tion value was 4.12 mil­lion dirham, in­clud­ing bor­row­ings of HCL MEA of 2.42 mil­lion dirham that was to be taken over by the buyer.

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