MindTree now holds 79.9 per cent equity stake

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{image-MindTree Ltd_30072008.jpg www.oneindia.com}Bangarore Jul 30: Global IT and R &D services company MindTree Ltd on Tuesday, July 29 announced that it has completed the open offer to acquire equity stake in Aztecsoft Ltd.

MindTree now holds 79.9 per cent equity stake in Aztecsoft making the latter a subsidiary of the company. "Having successfully completed the open offer to acquire Aztecsoft shares, we will soon commence the process of merging the company into MindTree, subject to regulatory and shareholder approvals," MindTree Chairman and Managing Director Ashok Soota said. At a meeting of Aztecsoft's Board of Directors, held on Tuesday, July 29 MindTree Chief Executive Officer Krishnakumar Natarajan took over as the Chairman and Managing Director of the company.

Aztecsoft CEO Samir Bodas has been inducted on the Board of Directors. SR Gopalan, Sunil Gulati and A V Sridhar will continue to serve on the Board as independent directors.

 

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