3i Infotech gets nod to sell global software products business to Azentio Group

29 Dec 2020 Evaluate

3i Infotech has received an approval for the slump sale of its global software products business (including its worldwide subsidiaries) on a going concern basis to Azentio Software along with its parent and fellow subsidiaries (collectively Azentio Group), subject to receipt of requisite approvals and executed a business transfer agreement (BTA) between the company and the Buyer on December 28, 2020. The board of directors of the company in its meeting held on December 28, 2020, has considered and approved the same.

The company's software product business consisting of the business, intellectual property and employees inter alia in India, USA, UK, Kenya, UAE, Malaysia, Singapore, Thailand and Saudi Arabia. The software product business of the company in India (Product Division) is being transferred under the BTA. The software products business in the other jurisdictions will be transferred pursuant to offshore business transfer agreements. The company will use proceeds of the sales to facilitate repayment of all existing debt exposure of the company, to scale up other existing business segments of the company, including providing IT services to customers across sectors and geographies and to unlock value by sale of an undertaking of the company and strengthening the balance sheet of the company.

3i Infotech is a global Information Technology company which provides technology solutions to over 1500 customers in more than 50 countries across 5 continents, spanning a range of verticals.

3I Infotech Share Price

39.47 0.05 (0.13%)
28-Mar-2024 16:01 View Price Chart
Peers
Company Name CMP
TCS 3883.55
Infosys 1498.80
HCL Tech. 1543.30
Wipro 480.05
Tech Mahindra 1250.40
View more..
© 2024 The Alchemists Ark Pvt. Ltd. All rights reserved. MoneyWorks4Me ® is a registered trademark of The Alchemists Ark Pvt.Ltd.