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Strategies & Market Trends : India Coffee House -- Ignore unavailable to you. Want to Upgrade?

To: Mohan Marette who wrote (9132)	10/29/1999 1:27:00 PM
From: Mohan Marette	Read Replies (1) \| Respond to of 12475

Nadar plans Comnet-HCL stake-swap HCL-Comnet hclcomnet.com HCL Technologies. hcltech.com 29-10-1999 10:48:21 (Probity) The Shiv Nadar group will sign a swap deal with overseas funds and employee-investors of HCL Comnet Systems and Services Ltd, according to which they will be given shares of HCL Technologies in lieu for their stakes in HCL Comnet. The group has already bought the entire holding of OCBs and NRIs in HCL Comnet, including the 19.66% held by JP Morgan Capital Asia holding. Following this, the promoter?s stake in HCL Comnet has gone upto 92% It will also finalize a buy back deal with employees who collectively hold 8% stake. These employees will be offered shares of HCL Technologies. All these moves are aimed at making HCL Comnet a fully owned subsidiary. The subsidiary plan is a part of the focus shift being done in HCL Comnet which will now be made to an e-convergence company ? providing e-business, managed networks, security and connectivity under one roof. The company has a current turnover of Rs1bn and targets a manifold growth in its turnover through its new business activities.