Walden & LSO to pick up 36.84% stake in MindTree (India)
mindtreeconsulting.com
Walden Software Investment and LSO Investments to pick up 36.84 per cent stake in Mindtree
(Saturday, December 18, 1999 BS)
Surajeet Das Gupta in New Delhi
Walden Software Investment Ltd of Mauritius and LSO Investments are picking up 36.84 per cent equity stake in Mindtree Consulting Private Ltd -- the start-up software firm promoted by former Wipro head, Ashok Soota, and his associates.
Walden is investing Rs 23.68 crore to pick up 57,75000 equity shares of Rs 2 each in the company for cash at Rs 41 per share. Walden will have 27.50 per cent stake in the software venture.
Mauritius-based LSO Investments is investing Rs 43.65 lakh by subscribing to 19,66,463 equity shares.
The proposed company plans to develop and export computer software and offer consulting and high-end software services and solutions to Indian and international clients in the area of Net-enabled solutions and telecommunications.
The company has projected an export turnover of Rs 500 crore in five years.
Mindtree, which made an application to the Foreign Investment Promotion Board, has received clearance for the proposal in its recent meeting.
Mindtree has been set up under the leadership of Soota and nine other top executives from various international companies such as Lucent and Cambridge Technologies. Mindtree's vice-chairman is Subroto Bagchi, formerly with Lucent, N Krishna Kumar formerly with Wipro, as head of sales. Kumar will be based in the US.
The other promoters include Anjan Lahiri, Kalyan Banerjee, Rostow Ravavav, Scott Staples among others.
Mindtree has already set up two development centres in Bangalore and New Jersey and plans one more each in Europe and the Asia Pacific. The company has targeted sales $123 million in 2005. It has also signed up two clients in the US and is in the process of bagging more clients. |
