RPG Group buys 29% stake in Zensar Tech

Zensar Technologies on Friday said one of its main promoters Japan's technology services major Fujitsu Group is going to sell its entire 29.17 per cent stake to Indian promoter Goenka's RPG Group.

The stake would be purchased by Jubilee Investment and Industries - part of the RPG group.

In a regulatory filing to the Bombay Stock Exchange, Zensar Technologies informed that RPG Group and Fujitsu, each of which hold 69.14 lakh equity shares, have signed a share purchase agreement on Thursday, subject to the fulfilment of conditions agreed and regulatory compliance.

At Thursday's closing price of the Zensar scrip at Rs 238.10, industrial conglomerate RPG Group could buy out its Japanese partner's stake for an estimated Rs 164.64 crore (Rs 1.64 billion).

Fujitsu Group held its stake in Zensar through two firms Fujitsu Services (26.25 per cent) and Fujitsu Services Holdings (2.93 per cent), as per data available at the end of December 31.

With acquisition of the stake, RPG Group holds over 58 per cent stake, having full management control in Zensar Technologies.

RPG Group currently holds its stake in Zensar through Hilltop Holdings India (4.85 per cent), Kocilim Breweries (10.14 per cent), tyre company Ceat (9.38 per cent) and Jubilee Investments & Industries (4.81 per cent).

RPG Group is one of India's largest business conglomerates, with a turnover of US$ 1.65 billion and assets worth US$ 1.8 billion.

It has more than 20 companies operating successfully in 7 business sectors: Retail, IT and Communications, Entertainment, Power, Transmission, Tyres and Life Sciences.