Krishna P Nangegadda, a promoter of Hyderabad-based IT service provider Cambridge Technology Enterprises (CTE), has exited from the company and will transfer his stake to co-promoter, Internet Business Capital Corporation (IBCC) of the US. Nangegadda holds over 11.71 lakh shares representing 7.40% equity capital of the company, the company informed the stock exchange.
With this development, IBCC’s stake in Cambridge will increase to 46.4%, from just over 39% earlier. IBCC will continue to be the majority equity holder in the company. Bhasker Panigrahi, the present Chairman and CEO of the company, is the other promoter of CTE.
CTE offers back office solutions for midsize market enterprises in BPO, IT, product engineering, infrastructure and consulting space.
The company has posted revenue of Rs 178 crore in the financial year ended March 31, 2009, against Rs 90.27 crore in the corresponding period of the previous fiscal. The net profit of the company was Rs 5.64 crore in March 31, 2009 against Rs 15.43 crore.