IT major HCL Technologies on Saturday said its shareholders have approved the scheme for merger of four of its subsidiaries, including HCL Comnet, with itself.
“The meeting of equity shareholders of HCL Technologies Ltd (Transferee Company) was held on Saturday, September 21, 2019…to seek their approval to the scheme of amalgamation amongst HCL Eagle Limited, HCL Comnet Limited, HCL Technologies Solutions Limited, Concept2Silicon Systems Private Limited and HCL Technologies Limited and their respective shareholders and creditors…,” the company said in a statement.
“The scheme was approved by the requisite majority of equity shareholders of the transferee company,” the filing said.
The proposal to merge HCL Comnet, HCL Eagle, HCL Technologies Solutions and Concept2silicon Systems into HCL Technologies was earlier approved by the IT company’s board.
All these companies are direct or step-down wholly-owned subsidiaries of HCL Technoligies.
“The scheme of amalgamation would enable optimum utilisation of resources, synchronisation of synergies and an optimised legal entity structure by reducing the number of legal entities in the group structure,” the company had earlier said a filing.
Earlier this month, HCL Tech has announced the acquisition of Sankalp Semiconductor, an advanced technology design services provider, for Rs 180 crore ( ~ US$25 million). Post acquisition, Sankalp will operate as a 100% subsidiary of HCL.
In August, HCL Technologies’ UK subsidiary has picked up minority stake in London-based Kalido, which empowers its users to provide skills and meet skilled people.