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Giving a major relief to HCL Technologies, the Competition Commission of India (CCI) has cleared HCL's equity swap deal to buy the business of Geometric Ltd.
NEW DELHI: The deal excludes Geometric's 58 per cent stake in 3DPLM Software Solutions Ltd - a joint venture with Dassault Systems.
The fair trade regulator has also approved the merger of remaining undertaking of Geometric with 3DPLM. Dassault is to have 100 per cent stake in 3DPLM.
Fair trade regulator CCI in a tweet said it "approves acquisition by HCL of certain undertakings of Geometric & merger of remaining undertaking of Geometric with 3DPLM".
In April, HCL Technologies and Geometric Ltd signed an agreement for the deal.
As part of the transaction, HCL would issue 10 shares to shareholders of Geometric for every 43 shares held by them in the company.
In total, HCL would issue 15,640,546 equity shares of Rs 2 each, the IT firm had said while announcing the deal. Geometric specialises in engineering solutions, services and technologies.