iGate allots 2.2 lakh shares to Concours

iGate Global Solutions has announced that it has allotted 220,873 equity shares of Rs 4 each at Rs 256.27 per share to the US-based Concours Group Inc.

Concours integrates research, education and consulting to bring innovative, high-value business solutions to its clients, which include 300 of the Global 1000.

In order to build a business relationship with the iGate, Concours had earlier agreed to invest $ 1.25 million in iGate.

iGate informed the BSE on Friday that pursuant to the approval granted by the members at the Extraordinary General Meeting of the company held on May 22, 2004 the BoD of the company have allotted these shares to Concours. Concours will now have a 1.2 per cent stake in iGate Global Solutions.

In October 2003, iGate entered into a strategic alliance with the US-based Concours Group. The transaction involved an investment of $1.8 million into Concours.

As part of its commitment to pursue relationship with Concours, iGate was to pay $ 1.8 million. However, after revaluation, this amount was reduced to $1.25 million.

Following today's announcement, both companies will invest $ 1.25 million each into Concours. As a result, iGate and Concours will leverage their respective strengths and amplify client value and results through a joint go-to-market strategy.

iGate Global gains access to consulting skills built on original research that addresses specific challenges in business, technology and people management.

The company and its clients will have preferential access to the exclusive Concours' events that feature the world's greatest thinkers and business practitioners.