Chennai: Two years after it acquired 51-per cent stake in American Healthnet Inc and subsequent stake increase, the city-based California Software Company Limited (Calsoft) has sold a major portion of the same.

Calsoft has sold about 34 per cent of its holdings in American Healthnet to Andorra Services Limited, US. According to Calsoft the deal netted the company a gain of $300,000.

With this divestment, Calsoft group's stake in American HealthnetAHN will be reduced to below 18.5 per cent.

Speaking the reason for exiting the company Calsoft's managing director and CEO said, "We still believe in the long term prospects of American HealthNet. However, as a product company American HealthNet needs more time and continued financial support."

Calsoft group shall continue to be involved with American Healthnet as a minority investor and also as an outsourced product development partner.