BUSINESS

Infotech to buy Tele Atlas

HYDERABAD, MARCH 24. Infotech Enterprises announced that it was acquiring Tele Atlas India (TAIND), a wholly owned subsidiary of Tele Atlas BV (Netherlands), and having operations in Noida, for a consideration of Rs. 8.29 crores in a cash deal.

Simultaneously, Infotech is making a preferential allotment of shares equivalent to 3 per cent of its equity to Tele Atlas at 10 per cent premium on the rate arrived at as per the Securities and Exchange Board of India guidelines on preferential allotments. This works out to Rs. 278 per share, said B. V. R. Mohan Reddy, Chairman and Managing Director.

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