Will stake sale deal help Sonata Software?

IT services company Sonata Software has sold 50.1 per cent stake in its joint venture TUI InfoTec back to Germany-based tourism and travel major TUI Travel PLC. A definite agreement to this effect has been signed between both the parties, as per which Sonata Software will also continue to be the preferred partner of TUI Travel PLC and manage the offshore delivery centre of TUI InfoTec. While the company did not disclose price at which the stake is offered its joint venture partner, it paid Rs 106 crore for the shares in 2006. Will the deal help the company’s fortune at the bourses, as it is one of the unimpressive stocks hovering around Rs 20 for quite a long time.