HCL Infosystems has informed that the Board of Directors of the Company in its meeting held today, i.e. 28th February, 2018 has approved the decision taken by the Board of Directors of HCL Insys Pte. Ltd., Singapore to sell its entire investments in its subsidiary namely HCL Infosystems MEA FZE (HCL MEA) along with step down subsidiary of HCL MEA to Axis Investment Incorporated, promoted by a group of entrepreneurs backed by a Dubai Based Investor Group and an Indian IT Major (the buyer). The acquisition value is AED 4.12 million which includes borrowings of HCL MEA of AED 2.42 million which will be taken over by the buyer. The closure of transaction is subject to certain conditions precedent in Share Purchase Agreement (SPA).
The above information is a part of company’s filings submitted to BSE.
