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| Exchange Disseminated Time 05/08/2016 20:17:30 | ICRA Ltd has informed BSE that the Board of Directors of the Company at its meeting held on August 05, 2016, has approved sale of the entire shareholding held by the Company in ICRA Techno Analytics Limited ("ICTEAS"), a public limited Company duly incorporated and existing under the laws of India. ICTEAS is a wholly owned subsidiary of the Company and is engaged in the business of software development, its implementation and post implementation support services in the areas of business intelligence, business analytics, enterprise, web content management including enterprise resource planning implementation.
The aforesaid approval of the board, including completion of the transaction, is subject to the approval of the members of the Company and fulfillment of certain other conditions, as provided in the Share Purchase and Sale Agreement. Consequent to approval of the members by passing of special resolution through postal ballot and fulfillment of certain other conditions, ICTEAS and its subsidiaries will, on and after the closing date, cease to be subsidiaries of the Company.
Pursuant to this approval of the board, the Company has executed a Share Purchase and Sale Agreement with Nihilent Technologies Limited ("Nihilent"), for a consideration of INR 6,875 lacs (Six thousand eight hundred seventy five lacs), to be discharged by way of (i) payment of Cash Consideration of INR 3,200 lacs; and (ii) unsecured, unrated, 10% interest bearing and unlisted non-convertible debentures, issued for the balance amount, to be redeemed after one year and fifteen days from the date of issuance. The expected date of completion of this transaction is September 30, 2016.
Nihilent, a public limited Company duly incorporated and existing under the laws of lndia and having its registered office at Office No. 403 and 404, 4th Floor, Weikfield IT Citi InfoPark, Nagar Road. Pune - 411014. Maharashtra, India is a global consulting and IT solutions integration Company. Headquartered in Pune, India, Nihilent has extensive experience in enterprise transformation and change management, digital transformation services, and enterprise IT services. Its operations span North America, UK & Ireland, South Africa. West and East Africa, Australia and Asia. Nihilent offers a range of consulting led services in a cross section of industry domains like BFSI, manufacturing, mobility, retail & consumer products, Oil & Gas, Telecommunications, Media & Entertainment, life sciences and healthcare.
As required under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The Board of Directors is of the view that this sale of the IT business is a strategic decision of the Company and this will be beneficial to the members and other stakeholders of the Company in the long run, as this will enable the Company to enhance its focus on its core business and will help each business achieve its full potential. |
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