Infosys starts talks on selling Panaya
Bengaluru, June 23: Global software major Infosys initiated the process to sell its Panaya subsidiary, a top company official said on Saturday.
"We have initiated the process of discussion to sell Panaya as discussed by the board in April," CEO Salil Parekh told shareholders at the company's 37th Annual General Meeting (AGM) here.
Chief Financial Officer (CFO) M.D. Ranganath told the stakeholders that the company was following due diligence on acquisitions ahead.
"We are monitoring the acquisitions we have done and are following due diligence on acquisitions ahead," he said.
The acquisition of the US-based Panaya for $200 million in February 2015 rocked the company in 2017 after its co-founder N.R. Narayana Murthy red-flagged lack of transparency in the deal and accused the previous board of compromising on governance issues during its negotiations.
The automation technology firm was bought to offer large-scale enterprise software management as a service to the company's global clients.
The controversial deal came to light after an anonymous whistleblower alleged that the company's executives had personal interests in buying it, also resulted in the exit of its first non-promoter Chief Executive Visha Sikka in August 2017.
The company, in April, announced its decision to sell Panaya by March 2019.
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Rickelton's ton in vain as SRH beat MI by 6 wickets
Mumbai (PTI): Ryan Rickelton's whirlwind unbeaten ton was overshadowed by Heinrich Klaasen's unbeaten 65 as Sunrisers Hyderabad defeated Mumbai Indians by six wickets in an IPL match here on Wednesday.
Chasing an imposing 244-run target, Travis Head (76 off 30) and Abhishek Sharma (45 off 24) shared 129 runs for the opening wicket to set the platform for SRH.
Klaasen (65 not out off 30 balls) then displayed his all-round hitting abilities to guide SRH home with the help of Nitish Kumar Reddy (21) and Salil Arora (30 not out off 10) in 18.4 overs.
Earlier, Rickelton's knock powered MI to 243 for five.
MI rode on a 93-run stand between Rickelton (123 not out off 55 balls) and Will Jacks (46 off 22) in 7.1 overs for the opening stand to power the side.
MI skipper Hardik Pandya scored a valuable 31 off 15 balls before being dismissed.
Praful Hinge (2/54), Eshan Malinga (1/29), Sakib Hasan (1/39) and Nitish Kumar Reddy (1/31) were the wicket-takers for SRH.
Brief Scores:
Mumbai Indian: 243 for 5 in 20 overs (Ryan Rickelton 123 not out; Praful Hinge 2/54).
Sunrisers Hyderabad: 249 for 4 in 18.4 overs (Travis Head 76, Heinrich Klaasen 65 not out; AM Ghazanfar 2/51).
