HCL Infosystems has received an approval for slump sale of an undertaking (Digischool Business undertaking consisting of business of sale of software licenses to K-12 schools) of HCL Learning, a wholly owned subsidiary, on a going concern basis to Everest Edusys and Solutions.
The board of directors at its meeting held on April 27, 2017 has approved for the same. The closure of slump sale transaction is subject to certain conditions listed out in the Business Transfer Agreement. Subsequent to the closure of the said acquisition, Everest Edusys and Solutions would become an associate company of HCL Learning.
Axis Capital was the exclusive Financial Advisor and Corporate Professionals, Advisors & Advocates’ were the Legal Advisor to the company for the transaction.