Tata Power to sell Nelito Systems stake to DTS Corp

Tata Power today said its subsidiaries, NELCO and Af-Taab, today entered into an agreement to sell their stakes in Nelito to DTS Corporation, Japan.

"NELCO and Af-Taab have today, along with other shareholders of Nelito, entered into an agreement for sale of shares of Nelito to DTS Corporation, Japan," Tata Power said in a BSE filing today.

According to the statement: NELCO, a subsidiary of the company and Af-Taab Investment Company Ltd (Af-Taab), a wholly owned subsidiary of the firm, both together hold 49.89 per cent in Nelito Systems (Nelito).

The company said that NELCO has offered 9.95 per cent holding in Nelito out of its 22.25 per cent stake, whereas Af-Taab has offered 12.30 per cent equity out of its total stake 27.64 per cent in Nelito.

As per information provided on the Nelito Systems' official website, the company is engaged in the business of providing software solutions and services for Banking and Financial Services.

Formed in the year 1995, Nelito has served more than 200 customers in 15 countries across 4 continents and earned a unique reputation for its personalized solutions and cost effective implementation with its esteemed customers, industry peers and independent research firms, the portal says.

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)