HCL Technologies agrees to buy business of Geometric Ltd.

Bengaluru: All the business which the Geometric Ltd.- a Mumbai- based Software firm has done, now HCL technologies Ltd. seemed agreeing to purchase, however, the it is not agree to buy joint venture which the Mumbai- based firm in engaged with Dassault Systems SA, in a share- swap deal valued at 190 million dollars. The decision was taken by fourth largest company in the country- HCL, yesterday, on first day of April.

The largest information technology (IT) firm- HCL would be helped by such transaction for increasing its business in the engineering services space.
It was seen that the Mumbai- based Geometric Ltd. company, yesterday has accepted the offer from the Noida- based HCL Technologies, where later had offered a share- swap under which under which the former company’s shareholders would be getting Ten HCL company’s shares behind every Forty- three shares they hold in Mumbai- based company (Geometric Ltd.).

Moreover, as per offer, the Noida- based HCL company will be issuing a total of 15.64 million shares. And as such this company would be getting around Seventy- Four per cents of the total business of the Mumbai- based company. Also, HCL will also be seemed expecting that the said transaction must be completed by coming October to December months.

Also, on the part of the Geometric Ltd., the company would be merged in to the 3DPLM Software Solutions Ltd., its joint venture with Dassault Systèmes, as such giving 100% ownership to the France- based company.

And in that 3DPLM Software Solutions Ltd., the shareholders of the Mumbai- based Geometric company will be provided with the one listed redeemable preference share of 68 rupees, which would carry dividend of Seven per cent, a year.

The Noida- based company in its statement said clarified the instances of such agreement as the acquisition of all the business of the Geometric Ltd., however, it is also made clear that the “58 % stake that Geometric owns in the joint venture” would not be acquired.

And as per HCL Technologies company, the said acquisition would he supporting it to scale up its offering and also for wining the large deals from the engineering companies.

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