Singapore firm to consolidate stake in Accel Frontline to 51 pc
Accel Frontline, an IT services major, said Singapore-based Frontline Technologies Corporation will consolidate its stake to 51 per cent through the acquisition of a further 9-per cent stake in the company.
By PTI |
MUMBAI: Accel Frontline, an IT services major on Wednesday said Singapore-based Frontline Technologies Corporation will consolidate its stake to 51 per cent through the acquisition of a further 9-per cent stake in the company.
The board of directors of Frontline Technologies would acquire 2,025,810 equity shares representing 9 per cent of the equity share capital of Accel Frontline, the company said in a filing to the Bombay Stock Exchange.
Following the completion of the acquisition, the shareholding of Frontline Technologies in Accel Frontline would increase from 42 per cent to 51 per cent.
The proposed acquisition would be funded by internal resources and is not expected to have any material financial impact on Frontline Technologies for the financial year ending March 31, 2008.
Shares of Accel Frontline today closed up 9.98 per cent after hitting its upper circuit limit of Rs 119.90 on the Bombay Stock Exchange. As many as 2.25 lakh shares exchanged hands on the bourse.
Meanwhile, UK-based telecom major British Telecom today acquired the entire issued share capital of Frontline Technologies, which holds 42 per cent stake in Accel Technologies for around 202 million Singaporean dollar.
Frontline Technologies is listed on the Singapore Exchange and has operations in China, Hong Kong, India, Indonesia, Malaysia, Singapore, the Philippines, Taiwan and Thailand.
Accel Frontline is a joint venture between Chennai-based Accel Ltd and Singapore-based Frontline Technologies.
The board of directors of Frontline Technologies would acquire 2,025,810 equity shares representing 9 per cent of the equity share capital of Accel Frontline, the company said in a filing to the Bombay Stock Exchange.
Following the completion of the acquisition, the shareholding of Frontline Technologies in Accel Frontline would increase from 42 per cent to 51 per cent.
The proposed acquisition would be funded by internal resources and is not expected to have any material financial impact on Frontline Technologies for the financial year ending March 31, 2008.
Shares of Accel Frontline today closed up 9.98 per cent after hitting its upper circuit limit of Rs 119.90 on the Bombay Stock Exchange. As many as 2.25 lakh shares exchanged hands on the bourse.
Meanwhile, UK-based telecom major British Telecom today acquired the entire issued share capital of Frontline Technologies, which holds 42 per cent stake in Accel Technologies for around 202 million Singaporean dollar.
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Frontline Technologies is listed on the Singapore Exchange and has operations in China, Hong Kong, India, Indonesia, Malaysia, Singapore, the Philippines, Taiwan and Thailand.
Accel Frontline is a joint venture between Chennai-based Accel Ltd and Singapore-based Frontline Technologies.
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