Aptech to acquire 70 per cent in Synergetics
By Our Corporate Bureau | 12 Oct 2005
Mumbai: IT education and training major Aptech Ltd will acquire a 70 per cent stake in Synergetics Information Technology Services (India) Pvt Ltd, a company engaged in the high-end IT training vertical, for Rs 3.5 crore, the company said in a filing with the Bombay Stock Exchange (BSE).
Aptech said the acquisition of Synergetics would reinforce its prospects in the IT training vertical. The board of directors has approved the proposal to acquire the stake in Synergetics and Aptech expects to conclude the execution of the share purchase agreement and shareholders' agreement shortly.
The deal is valued at Rs 3.5 crore. Post-acquisition, the company proposes to infuse additional capital of Rs 5 crore in Synergetics, in the next 24 months, by way of growth capital for strengthening business prospects. This would take Aptech's shareholding in Synergetics to 85 per cent.
Synergetics will function as a subsidiary of Aptech and the results for the quarter ending December 2006 of the company would also reflect the business results of Synergetics for the corresponding period from the effective date of takeover, on a consolidated basis, Aptech said in its filing.
