HCL Technologies falls on profit booking after Actian Corporation deal

In past two trading days, HCL Technologies had outperformed the market by surging 7% against 0.65% rise in the S&P BSE Sensex.

HCL  Technologies was down 2% to Rs 990, falling 3% from its early morning high after the company and Sumeru Equity Partners (SEP) signed a definitive agreement to acquire US company Actian Corporation in an all-cash deal, valued at $330 million (Rs 21.55 billion).

HCL will own 80% stake in the joint venture that has been formed, with SEP holding 19.5% and Rohit De Souza (Actian Corporation CEO) owning 0.5%, HCL said in a regulatory filing on Thursday after market hours.

The acquisition will be funded by HCL Technologies, making an equity contribution of US $ 164 million