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Cambridge Technology sells stake in Mauritius-based firm

Cambridge Technology Enterprises on Thursday said it has completely exited from Mauritius-based smartShiftgroup (SSG) Ltd by selling 29.68 percent stake for USD 25,000 (about Rs 13.5 lakhs).

New Delhi: Cambridge Technology Enterprises on Thursday said it has completely exited from Mauritius-based smartShiftgroup (SSG) Ltd by selling 29.68 percent stake for USD 25,000 (about Rs 13.5 lakhs).

The company's stake in SSG, which was earlier its wholly owned step-down subsidiary, fell sharply to 29.68 percent after lenders converted their loans into equity shares of the Mauritian firm.

In a filing to the BSE, Cambridge said: "The Board decided that the company's 29.68 percent stake in smartShiftgroup Limited, Mauritius be sold to smartShiftgroup Inc, USA for a sale consideration of USD 25,000."

The filing added: "It noted the exercise of option, by two out of seven debt holders of SSG, to convert debt into equity of shares of SSG. Consequently, the shareholding of the Company in SSG has diluted from 100 percent to 29.68 percent. Thus smarShiftgroup Limited, Mauritius, has ceased to be a subsidiary of the company."

SSG is a provider of tools-based solutions for automated modernisations of complex IT systems.

Cambridge provides IT solutions for financial services, energy and utility, manufacturing, telecom, life sciences and healthcare among others.

PTI