Aurionpro Solutions shines on selling IT Services business in USA to Saicon

04 Apr 2016

Aurionpro Solutions is currently trading at Rs 141.80, up by 10.30 points or 7.83% from its previous closing of Rs 131.50 on the BSE.

The scrip opened at Rs. 133.40 and has touched a high and low of Rs. 150.80 and Rs. 131.90 respectively. So far 50054 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 271.60 on 08-Apr-2015 and a 52 week low of Rs. 103.00 on 12-Feb-2016.

Last one week high and low of the scrip stood at Rs. 150.80 and Rs. 126.70 respectively. The current market cap of the company is Rs. 293.91 crore.

The promoters holding in the company stood at 31.93% while Institutions and Non-Institutions held 0.55% and 67.52% respectively.

Aurionpro Solutions has completed the sale of its IT Services business in USA to Saicon Consultants Inc, a leading professional services company effective immediately. This is in line with its strategic direction to accelerate revenue growth of its high-margin core businesses and divest non-core businesses.

The IT services business for USA generated approximately Rs 93 crore for the first nine months of fiscal year FY 15-16. The sale price for the business unit concluded by Aurionpro Solutions Inc, a wholly owned US subsidiary of Aurionpro Solutions stood at about USD 10 million or Rs 66 crore. These include upfront payments, deferred payments. The proceeds of the sale will be used towards working capital and accelerating debt reduction.

Aurionpro Solutions is a publicly traded technology company providing software products and expert level consulting services to an extensive global customer base. The company provides valuable operational and technical experience in helping banks provide new and innovative products to their customers.

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