Cyient to sell its entire stake in Infotech Aerospace Services

India Infoline News Service | Mumbai | September 14, 2017 10:45 IST

Cyient announced that it has signed a definitive agreement on September 14, 2017, to sell its entire stake of 49% in Infotech Aerospace Services Inc. (IASI) to United Technologies Corporation (UTC) group company.

Cyient announced that it has signed a definitive agreement on September 14, 2017, to sell its entire stake of 49% in Infotech Aerospace Services Inc. (IASI) to United Technologies Corporation (UTC) group company.
 
IASI is a Puerto Rico-based company and 49% owned associate company of Cyient Ltd. The completion of the sale is expected to be completed within 45 days from the date of signing, said the company in a BSE filing on Thursday.
 
The company has received a consideration of USD 1.8 million from the sale.
 
Cyient was trading at Rs 523.30 per share, down by Rs 2.60 or 0.49% as at 0957 hours on Thursday, on the BSE. The stock attracted a traded volume of 37,819 shares and traded value of Rs 199.36 lakh on the NSE.
 
Cyient Limited, formerly Infotech Enterprises Limited, is engaged in providing software-enabled engineering and geographic information system (GIS) services. The company's segments include Data & Network Operations (DNO); Engineering, Manufacturing, Industrial Products (EMI), and Product Realisation (PR).

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