Infosys buys healthcare business subsidiary for $100 mn

Tuesday, June 23, 2015

Shareholders approve special resolution to acquire Infosys Public Services Inc

Global software major Infosys Ltd on Monday secured shareholders' approval for buying its healthcare business subsidiary for $100 million (Rs 625 crore), a company official said.

"The shareholders approved a special resolution at the company's 34th annual general meeting here to acquire Infosys Public Services Inc., a wholly-owned subsidiary, on July 1 or after for $100 million," the official said on the margins of the AGM.

The AGM, chaired by the new non-executive chairman R. Seshasayee, also approved the appointment of Roopa Kudva as an independent director on the company's executive board.

Kudva was chief executive of Crisil (Credit Rating Information Services of India Ltd), a global analytical company, from 2007 to April this year. She will join Omidyar Network, a global impact-investing firm, as a partner in July and be managing director of its India advisory firm.

Of the iconic IT firm's seven co-founders, only NR Narayanay Murthy was present at the AGM along with his wife Sudha Murthy, chairperson of Infosys Foundation, and a promoter shareholder.

The other six - Nandan Nilekani, S. Gopalakrishnan, SD Shibulal, K Dinesh, N.S. Raghavan and Ashok Arora were absent, though barring Arora, they continue to be promoter shareholders.

Murthy, who returned from retirement to head the troubled company as chairman on June 1, 2013, stepped down abruptly a year later (June 14 2014) after reviving its sagging fortunes and finding Vishal Sikka as successor.