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Infosys has sought shareholders’ approval to transfer its Finacle and Edge Services businesses to wholly owned subsidiary EdgeVerve for ₹3,620 crore.
In a notice to the exchanges, India's second largest IT exporter said it wants to transfer the Finacle business for ₹3,400 crore and Edge Services for ₹220 crore. Infosys intends “to sell, lease, transfer, assign or otherwise dispose of the whole or part” of the two businesses, according to the statement. The company does not give a break-up of its Finacle business, but it said a majority of banks globally use it. EdgeVerve Systems is a wholly-owned subsidiary of Infosys, which develops and operates cloud-hosted business platforms and software products and offers them as ‘pay-as-you-use’ services. It has 600 employees.
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