Information Technology and media firm Accel today said it has acquired the 51% stake held by British Telecom for Rs 49.9 crore to become a majority shareholder in Accel Frontline Ltd.
Last month, the city-based Accel and BT Frontline, a subsidiary of British Telecommunications, entered into a 'definitive agreement' for executing the transaction.
As per the agreement, Accel ntended to buy out the entire 51% stake held by British Telecom. The off-market transaction was "executed" and "completed" on August 5, it said in a statement.
With this buyout, Accel holds a majority 70.44% stake in Accel Frontline Ltd, it said.
"Being the original promoters of Accel Frontline Ltd, we understand the dynamics of the business and we believe there is tremendous growth potential in the company", Accel Chairman N R Panicker said.
Accel Limited is the promoter of Accel Frontline Limited. In 2004, Frontline Technologies Corporation acquired a 42% stake in Accel ICIM which was later renamed 'Accel Frontline Limited'.
In 2008, British Telecommunications Plc acquired 100% stake in Frontline Technologies Corporation Limited. Subsequently, Accel Limited sold 9% stake in Accel Frontline Limited to BT Frontline thereby becoming its subsidiary.
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