Accel Frontline has taken on record the sale of 75,00,000 equity shares amounting to 25.20% of the post issue subscribed share capital of the company by the promoters of the company namely Accel, Accel Systems Group Inc, USA, and N. R. Panicker (Transferors) to CAC Corporation, Japan (Transferee & Acquirer) by way of an off market sale as part of the shareholders agreement dated December 09, 2013, wherein the acquirer is planning to acquire 51% stake in the company by way of secondary purchase from the promoters (25.20%) as above and direct investment by way of preferential allotment (18.48%).
The board of directors at its meeting held on January 18, 2014 has taken the note of it. The preferential allotment to CAC Corporation, Japan was made on January 10, 2014.
This sale has been effected electronically and has resulted in CAC Corporation, Japan’s shareholding increasing to 43.68% post issue subscribed share capital in the company. Consequent to this the board of directors of the company has classified CAC Corporation, Japan as promoter of the company along with the present promoters.
Accel Frontline is one of the leading IT Services Company and an end-to-end IT solutions provider specializing in IT Infrastructure services, software solutions and warranty management services. It employs over 2000 skilled IT professionals and serves over 500 customers.