HCL Tech to divest shares in JV

HCL Technologies Ltd said on Monday that it has reached an agreement with Perot Systems to divest its stake in HCL Perot Systems for $105.3 million in an all cash deal.

"In continuation of the practice, both HCL and Perot Systems arrived at an understanding that all stakeholders will be best served with a single parent ownership," HCL Technologies said in a notice to Bombay Stock Exchange.

Both HCL and Perot Systems had been in discussions over the last several months to arrive at an amicable conclusion.

"This has culminated in HCL Technologies agreeing to divest its shares in favour of Perot Systems for an all cash consideration of $105.3 million," it said.