HCL Tech surges 3 pct on Axon's go ahead

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Mumbai, October 3: : Shares of HCL Technologies soared over three per cent on the Bombay Stock Exchange on Friday following British consultancy major Axon Group's decision to go ahead with the domestic software services firm's 441 million pound acquisition offer.

Shares of HCL Tech today opened at Rs 210 and touched a high of Rs 212.85, up 3.45 per cent from Wednesday's close of Rs 205.75 on the BSE.

In a regulatory filing to the London Stock Exchange, Axon had said that its board "has withdrawn its recommendation of the Infosys offer and intends unanimously to recommend the HCL Offer when it is made."

Shares of Axon closed at 678 pence, up 2.50 per cent on the LSE on Thursday.

On September 26, HCL Technologies announced its intention to counter the bid from its bigger Indian rival Infosys with a cash offer of 650 pence per share for Axon.

Meanwhile, shares of Infosys on Friday dropped 4.52 per cent to the day's low of Rs 1,388.20. The scrip had opened at Rs 1,431 on the bourse.

On August 25, India's second largest IT firm Infosys had announced a cash offer of 600 pence per share for Axon Group.