As per sources, US-based Arrow Electronics is acquiring eInfochips, a product engineering and software R&D services company, for Rs 1,800 crore.
A formal announcement on the deal is expected soon. Initially, on January 9, eInfochips was planning to hold a press conference in Ahmedabad, but it has now been postponed.
At first, on December 30, eInfochips was to be acquired by Arrow Electronics for Rs 1,500-Rs 1,800 crore and as a part of the pay-out, about 350 employees of the Ahmedabad based company would get Rs 1 crore each for their ESOP holdings.
Avendus was the adviser in the transaction. Recently, sources from Ahmedabad-based venture fund GVFL, which holds an around 5% stake in eInfochips, confirmed that a deal had been stuck, but added that it had not received any official communication on that until then.