Home Market HCL Tech transfers shareholding in HCL TSS to HCL Comnet

HCL Tech transfers shareholding in HCL TSS to HCL Comnet

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IT firm HCL Technologies today said it has transferred its entire shareholding in its wholly-owned subsidiary HCL Training and Staffing Services (HCL TSS) to HCL Comnet, another unit of the company.

"The transaction has been undertaken between the company and its wholly-owned subsidiaries and there is no impact in the company on a consolidated basis," HCL Technologies said in a BSE filing.

It added that post the transfer of the shareholding, HCL TSS becomes a direct wholly-owned subsidiary of HCL Comnet and a step-down wholly-owned subsidiary of the company.

"The aggregate consideration (of the deal) is Rs 2.35 crore, paid in cash," the filing said.

Total income of HCL TSS for FY2016-17 was Rs 125.93 crore, which is 0.26 per cent of the consolidated income of HCL Technologies and its subsidiaries.

The net worth of HCL TSS is 0.10 per cent of the consolidated net worth of HCL Technologies and its subsidiaries, as per the audited financial statements for the financial year ended March 31, 2017.

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