Cambridge Technology Enterprises today said it has completely exited from Mauritius-based smartShiftgroup (SSG) Ltd by selling 29.68 per cent stake for $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 per cent 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 per cent stake in smartShiftgroup Ltd, Mauritius, be sold to smartShiftgroup Inc, USA for a sale consideration of $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 per cent to 29.68 per cent. Thus smartShiftgroup Ltd, 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.