MindTree acquires over 14% in Aztecsoft

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IT research and development firm MindTree on Thursday said it has acquired over 14 per cent stake in Aztecsoft through market purchase transaction route for Rs 52.75 crore, ahead of its open offer for acquiring 20 per cent stake.

MindTree has bought 66 lakh shares representing 14.67 per cent of total paid-up capital of Aztecsoft at a price of Rs 79.93 per share from the open market for a total gross value of Rs 52.75 crore, MindTree said in a filing to the Bombay Stock Exchange.

Earlier in May 2, MindTree had entered into a definitive agreement with the largest shareholder of Aztecsoft to acquire 32.57 per cent at Rs 80 per share.

Accordingly, MindTree made an open offer to acquire up to 93,06,381 shares, representing 20 per cent stake in Aztecsoft, at a price of Rs 80 per equity shares. The offer would remain open from June 30 till July 21.

MindTree plans to merge Aztecsoft into itself, subject to customary regulatory filings, clearances and approvals, a move which is likely to make it the market leader in outsourced product development and testing.