HCL Info zooms 21% on buyout buzz
Shares of HCL Infosystems rallied 20.5% to close at Rs. 44 on the Bombay Stock Exchange on Tuesday amidst reports that computer manufacturer Lenovo is set to buy out the promoter’s stake in the company for around Rs. 500 crore.
The promoters hold 50.77% in HCl Infosystems as on June 30, 2012.
However, the spokesperson of HCL Infosystems denied that any such deal is on the cards.When contacted, a Lenovo spokesperson said the company does not comment on market speculation.
“We are not aware of any such development about promoter intending to sell stake in the company and as a company policy we do not comment on market speculations,” HCL Infosystems said in a statement.
Lenovo is one of the leading PC manufacturers in the world that had earlier acquired IBM’s personal computing division.
“In case Lenovo decides to buy the factory of HCL Infosystems it would make Lenovo’s supply chain process more efficient and improve the delivery time,” said Vishal Tripathi, principal research analyst, Gartner. “It would help them in becoming more competitive from the pricing standpoint, given the supply chain efficiencies that they would gain and provide the breadth to fulfill future orders more swiftly.”