Infy acquires Progeon stake from Citicorp

BANGALORE: Infosys Technologies Limited has acquired 87,50,000 equity shares, 23 percent on a fully diluted basis, of its BPO subsidiary Progeon Limited from Citicorp International Finance Corporation for Rs 530 crore.

A total of Rs 309 crore after withholding taxes of Rs 221 crore was remitted to Citicorp on June 30, said the Bangalore-based, NASDAQ-listed firm, the country's second largest software exporter.

"As of June 30, 2006, Infosys holds 96.96 per cent of the outstanding equity shares of Progeon Limited," the IT and consulting major said.