HCL Technologies is hoping to borrow up to $833 million to acquire UK-based Axon Group.

The amount may be higher than the aggregate of the paid-up capital and capital and free reserves of the company, which means that under the Companies Act 1956, shareholder approval is required. The company has called for an Annual General Meeting (AGM) on 22 October to seek the approval

The company has made a cash offer of 650 pence per share for Axon, in competition with a 600 pence for a share offer made by its Bangalore-based rival Infosys Technologies. HCL's bid - to be recommended by Axon to its shareholders - values the SAP consulting company at about £441 million, and HCL has secured £400 million from Standard Chartered.

During the last three years, the company has grown both organically and through acquisitions, including forming joint ventures, setting up subsidiaries and acquiring companies overseas. X

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