Datamatics Global Services has received an approval to dispose off the entire stake which is indirectly held by the Company in its Step Down and Material Foreign Subsidiary, namely CIGNEX Datamatics, Inc. (CIGNEX US), a corporation headquartered in the USA by way of divestment through stock redemption agreement entered into by and between Cignex US and Datamatics Global Technologies, Mauritius (DGTL), subject to approval of the shareholders and all concerned statutory and regulatory authorities, as may be necessary. With this transaction, the earlier deal with Relevance Lab stands terminated.
The Board of Directors of the company at its meeting held on November 24, 2020, has approved the same.
Datamatics Global Services provides intelligent solutions for data driven businesses to increase productivity and enhance the customer experience.
