HCL Infosystems shares were locked in 20 percent upper circuit after the company sold stake in its wholly owned subsidiary.
HCL Learning, a wholly owned subsidiary of HCL Infosystems, has concluded the sale of entire shareholding of its wholly owned subsidiary HCL Insys Pte Ltd, Singapore, to PCCW Solutions, Hong Kong for SGD 57,628,787.
The investment of HCL Insys Pte Ltd in its subsidiary Nurture Technologies FZE (formerly known as HCL Infosystems MEA FZE) was excluded from the transaction along with the trading business carried out by HCL Insys Pte Ltd which was carved out before transfer of the entity.
Both were transferred to HCL Investments Pte Ltd, a wholly owned step down subsidiary of HCL Infotech.
There were pending buy orders of 223,179 shares, with no sellers available.
At 1355 hour,s HCL Infosystems was quoting at Rs 8.79, up Rs 1.46, on the BSE.
News Source: Moneycontrol