Fortis Fin to buy 28% ACERC pie

Fortis Financial Services has said it will acquire 28 per cent stake in ACERC Information Technology.

Fortis Financial has entered into a share-purchase and subscription agreement with ACERC for acquiring 23.52 lakh equity shares of Rs 5 each at the prevailing market price, the company informed the Bombay Stock Exchange (BSE).

Under the agreement, Fortis Financial will issue up to 10.71 lakh equity shares of Rs 10 each to Sanjay Padode for Rs 70 per share or the price determined as per the Securities and Exchange Board of India (Sebi) guidelines on preferential allotment basis, subject to shareholders' approval.

The company will also subscribe to 26.28 lakh equity shares of Rs 5 each of Asian CERC Information Technology at Rs 53.25 per share or the price determined as per Sebi guidelines on preferential allotment basis.