Mon, Aug 08, 2011 | Updated 11.09PM IST

CHENNAI: Information Technology and media firm Accel Ltd today said i t has acquired the 51 per cent stake held by British Telecom for Rs 49.9 croreto become a majority shareholder in Accel Frontl ine Ltd.

Last month, the city-based Accel Ltd and BT Frontl ine, a subsidiary of British Telecommunications, entered into a 'definitive agreement' for executingthe transaction.

As per the agreement, Accel Ltd intended to buy out the entire 51 per cent stake held by British Telecom. The off-market transaction was "executed"and "completed" on August 5, i t said in a statement.

With this buyout, Accel Ltd holds a majority 70.44 per cent stake in Accel Frontl ine Ltd, i t said.

"Being the original promoters of Accel Frontl ine Ltd, we understand the dynamics of the business and we believe there is tremendous growth potentialin the company", Accel Ltd Chairman N R Panicker said.

Accel Limited is the promoter of Accel Frontl ine Limited. In 2004, Frontl ine Technologies Corporation acquired a 42 per cent stake in Accel ICIM whichwas later renamed 'Accel Frontl ine Limited'.

In 2008, British Telecommunications Plc acquired 100 per cent stake in Frontl ine Technologies Corporation Limited. Subsequently, Accel Limited sold9 per cent stake in Accel Frontl ine Limited to BT Frontl ine thereby becoming its subsidiary.

8 AUG, 2011, 04.33PM IST, PTI

Accel acquires 51% stake of British Telecom in Accel Frontline

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