Stock Market News: Dev Information Technology to acquire 100% stake of Dhyey Consulting Services Private Limited
The execution of the share purchase agreement with the promoters of M/s Dhyey Consulting Services Pvt Ltd. and Dhyey Consulting Services Pvt Ltd. was also given the green light during the board meeting.
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Stock Market News: Dev Information Technology Ltd., a leading provider of comprehensive technology solutions for digital transformation using cloud, automation, and data technologies, recently announced its acquisition of Dhyey Consulting Services Private Limited. The decision was unanimously approved by the board of directors and marks a significant step towards expanding Dev Information Technology's reach and capabilities.
The execution of the share purchase agreement with the promoters of M/s Dhyey Consulting Services Pvt Ltd. and Dhyey Consulting Services Pvt Ltd. was also given the green light during the board meeting."
"Subject to the approval of shareholders of the Company and in accordance with SPA and such other regulatory/governmental authorities as may be required, the Board has approved to create, offer, issue and allot by way of a preferential issue of 2,96,296, (Two Lakhs Ninety Six Thousand Two hundred Ninety Six) equity shares, at an issue price of 135 (Rupees One Hundred Thirty-Five Only) per equity share of the face value of 5/- (Rupees Five only) each at an issue price as determined in accordance with the provisions of Chapter V of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as aggregating to 4,00,00,000/- (Rupees Four Crore Only), for Consideration other than Cash, to Mr. Nilesh
Dilipkumar Mandani, Mr. Nileshkumar Jagdishbhai Panchal and Mr. Sahil Baldevbhai Amin (directors of M/s. Dhyey Consulting Services Private Limited) (hereinafter referred to as "Proposed Allottee") on a private placement basis on such terms and condition as may be determined by the Board," the company said in a regulatory filing.
The acquisition is worth a total of INR 9 Crore, split into two parts. A sum of Rs 5 Crore will be electronically transferred, with the remaining balance of Rs 4 Crore paid through the issuance of equity shares in Dev Information Technology Limited, a publicly traded company, in a preferential manner.
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