Infosys buys out Citi's stake in Progeon

Bangalore, Apr 20 (UNI) Software major Infosys Technologies Limited will buyout the 23 per cent stake of Citicorp International Financial Corporation (Citi) in its BPO subsidiary Progeon for a consideration of 115.13 million US Dollars (approximately Rs 518 crore).

Infosys, in a release here today, said the all cash transaction, involving buying out of 8.75 million shares with Citi, was expected to be completed by July next.

Progeon, a majority-owned subsidiary of Infosys, was a leading provider of Business Process Management (BPM) services to Global 1000 companies and was ranked among the top 10 third-party BPOs in India according to the NASSCOM 2004-05 rankings. It had over 7,000 employees as of March 31, 2006.

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