HCL Infosystems rallies over 23% on buyout buzz

HCL Infosystems rallies over 23% on buyout buzz Mumbai: Shares of IT hardware company HCL Infosystems on Tuesday rallied over 23 percent amid reports that computer maker Lenovo is in talks to buy out promoter stake in the company.

Marketmen said that buoyed by the reports, shares of the company opened about 2 percent higher and zoomed 23.1 percent to Rs 44.75 on the BSE.

At the NSE, the stock shot-up by 23.65 percent to Rs 44.70.

On the volume front, 9.09 lakh shares of the company were traded on the BSE, while more than 27 lakh shares changed hands on the NSE.

As per reports, Lenovo is in talks to buy out promoter stake in HCL Infosystems for around Rs 500 crore.

As of the April-June quarter, the company has promoter shareholding of 50.77 percent. HCL Corporation is the single largest promoter with 42.85 percent stake.

PTI