HCL Infosystems denies stake sale; shares tank 10%

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HCL Info denies stake sale; shares tank 10%
Shares of the HCL Infosystems tanked on Wednesday after the company denied a report of stake sale and said that they have no intention of selling their stake in the Company at any time in foreseeable future.

The Promoter, HCL Corporation has released a statement today "Recent media reports have alleged a possible buyout of the promoter's stake in HCL Infosystems by Lenovo. HCL Corporation, which owns 42.85 % in HCL Infosystems Limited out of the total promoters shareholding of 50.77%, wishes to categorically state that it has no plan of divesting any part or all of its share holding in HCL Infosystems Limited in the foreseeable future. We do not wish to respond to any further market speculation on this issue".

On Tuesday, HCL Infosystems shares surged around 24% on reports that the Lenovo Group is in talks to buy a 50.1 percent controlling stake in the Indian company for around Rs 500 crores.

The shares of the company was seen trading lower by 9.69% at Rs 39.60 on NSE at 12.55 pm IST. It touched intra-day low Rs 38.55.


Read more about: hcl infosystem
Story first published: Wednesday, August 29, 2012, 12:59 [IST]
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