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HCL Infosystems Approves Sale of Ownership And Control Held By Nurture Technologies FZE

HCL Infosystems Limited has approved the sale of ownership and control held by Nurture Technologies FZE on Monday.

In a BSE filing, the company said, “The Board of Directors of HCL Infosystems Limited in its meeting held on October 15, 2018 has approved the decision taken by the Board of Directors of HCL Insys Pte. Ltd, Singapore to sell the entire ownership and control held by Nurture Technologies FZE in its direct subsidiaries Gibraltar Technologies LLC (Dubai) and Gibraltar Technologies LLC.”

“The sale will include its entire ownership and control in its step-down subsidiary Gibraltar Technologies WLL (Qatar),” the statement said.

The sale will be made to a consortium of individuals, namely, Ahmed Khalaf Ahmed Khalaf Al Otaiba, Syed Mohammed Bukhari, Khadeer Peer Shariff S S and Abdul Qadir Bukhari.

The consolidated revenue and net worth of Gibraltar Technologies LLC (Dubai), Gibraltar Technologies LLC (Abu Dhabi) and Gibraltar Technologies WLL (Qatar) are 49.37 crore (including other income) and 3.69 crore respectively. This constitutes 1.64 per cent and 0.76 per cent respectively of the revenue and net worth of HCL Infosystems.

Nurture Technologies FZE shall remain with HCL Insys PTE.

The value of transaction is estimated to be 6.90 crore (AED 3,440,780), which shall be trued-up on the date of transfer of the shares and based on the terms and conditions as specified in the transaction documents. – The Hindu Business Line

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