2/10/2012 12:56 AM ET
(RTTNews) - Mahindra Satyam, erstwhile Satyam Computer Services Ltd., and Dion Global Solutions Ltd., a specialist provider of software products and solutions for capital markets globally, announced that they have signed a memorandum of understanding or MoU, pursuant to which the former will acquire a strategic stake in Dion.
As a result of this development, Mahindra Satyam agreed to acquire a significant minority stake by way of fresh issue of equity shares, subject to regulatory and board approvals and satisfaction of other customary closing conditions.
The new equity shares will be priced at in accordance with the applicable SEBI regulations, the company said.
Dion has a portfolio of cutting-edge solutions and services for global capital markets covering portfolio management, trading, settlement, risk management, analytics, treasury and research services, and services more than 660 clients in 62 countries.
The proceeds from the investment under consideration will be utilized by Dion to further enhance its offerings and its geographic reach.
Mahindra Satyam CEO C.P. Gurnani said, "We are extremely impressed by Dion's products and solutions, its ability to truly partner with its clients, and most of all, its top-class management team. We are convinced that in time to come, Dion will become one of the foremost software solutions providers to capital markets globally and are keen on participating in Dion's promising future."
Dion Managing Director and Global CEO Ralph J. Horne said, "We are delighted to have Mahindra Satyam as a strategic investor in our company. Working with such an esteemed partner and combining the unique skills from both companies will allow us to co-operate on developing new innovative business focused solutions for all tiers of the financial services industry, including many of our common clients. This alliance will help us further expand our solutions capabilities and make inroads to newer markets."
At the BSE, Satyam Computer Services shares are currently trading at Rs.72.85, up 0.69 percent from the previous close.
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by RTT Staff Writer
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