Helios & Matheson acquires stake in US co | india | Hindustan Times
Today in New Delhi, India
Oct 21, 2017-Saturday
-°C
New Delhi
  • Humidity
    -
  • Wind
    -

Helios & Matheson acquires stake in US co

The company has acquired 10.24 lakh fully diluted shares out of total outstanding 23.82 lakh equity shares in A Consulting Team Inc.

india Updated: Apr 03, 2006 12:07 IST

Chennai-based Helios & Matheson Information Technology Ltd has acquired 43 per cent controlling stake in US-based A Consulting Team Inc for $8.75 million in an all-cash deal.

The company has acquired 10.24 lakh fully diluted shares out of total outstanding 23.82 lakh equity shares in A Consulting Team Inc, it informed the Bombay Stock Exchange.

The cash deal has an additional earn-out component to the promoter, Shmuel BenTov, structured as a percentage of profits achieved over a two year period ending March 2008, it said.

Shmuel BenTov continues to be a director on board and president and CEO of the company, it added.