Infosys increases stake in BPO arm to 99.98%

[dwarakesh]

Infosys Technologies Ltd has completed the purchase of 3,60,417 shares of Infosys BPO from its employee shareholders. This is in line with the forward share purchase agreement entered with them in February 2007.

Also, during the year ended March 31, 2008, Infosys BPO acquired 100% of the equity shares of P-Financial Services Holding B.V. for a consideration of Rs. 107 crore by entering into a sale and purchase agreement with Koninklijke Philips Electronics NV (Philips). The transaction was accounted as a business combination and was valued at Rs. 83 crore.

During the year ended March 31, 2009, the investments held by P-Financial Services Holding B.V. in its wholly owned subsidiaries Pan-Financial Shared Services India Private Limited, Infosys BPO (Poland) Sp. Z.o.o., and Infosys BPO (Thailand) Limited were transferred to Infosys BPO, consequent to which P-Financial Services Holding B.V. was liquidated.

During the quarter ended March 31, 2009, Infosys BPO merged its wholly owned subsidiary Pan-Financial Shared Services India Private Limited, retrospectively with effect from April 1, 2008, vide a scheme of amalgamation sanctioned by the court.

As at March 31, 2009, Infosys holds 99.98% of the equity in Infosys BPO.

source: bpowatchindia