Accel Frontline promoters to dilute stake

Decision comes to meet Minimum Public Shareholding norms

Accel Frontline Ltd promoters have decided to dilute their stake to achieve Minimum Public Shareholding norms. Comapny today informed BSE that the Board has noted the intimation received from the promoters of the Company that they are planning to divest their stake so as to achieve Minimum Public Shareholding norms as per the Listing Agreement.
 
According to BSE data, promoter and promoter group, are holding 89.02% in the company. The largest shareholder is CAC Corporation, which holds 60.95%, Accel ltd (22.20 %), Panicker N R (1.25 %) and Accel systems Group Inc, USA (0.62 %).
 
In December 2013, CAC Corporation, Japan announced that it is acquiring 51% ownership of Chennai-based Accel Frontline Limited (AFL), a mid-size IT company. The deal value estimated to be around Rs 130 crore, including equity and soft loan.