Infosys Technologies on Monday said it has taken ‘note’ of the takeover offer announcement made by HCL Technologies to the shareholders of Axon.

“Infosys is considering its position and urges Axon shareholders to take no action at this time. A further announcement will be made in due course,” it said. Shares in HCL tumbled nearly 12 per cent and Infosys was down more than 3 per cent in a Mumbai market down 4 per cent.

Axon Group had last week entered into an inducement fee agreement with HCL under which Axon could be required to pay HCL a fee of 1 per cent of the value of the HCL offer.

HCL Technologies’ £441-million bid for Axon Group tops Infosys’ previous £407-million bid. HCL had announced its 650 pence-a-share bid, largely backed by debt and some cash, for Axon on Friday. The bid came a month after Infosys announced its 600 pence-a-share, all-cash bid for the UK-based consultancy. While HCL will be taking a loan, Infy will dip into its reserves to finance the purchase.