5 Minutes Read
ITC arm to buy 100% stake in Blazeclan Technologies for ₹485 crore
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
Listen to the Article (6 Minutes)
Summary
The proposed acquisition is expected to be completed in six to eight weeks, subject to completion of the customary closing conditions, ITC said in an exchange filing.
ITC Infotech India Ltd., a wholly owned subsidiary of ITC Ltd, on Thursday entered into a share purchase agreement for acquisition of 100% of the share capital of Blazeclan Technologies for a total cash consideration of ₹485 crore.
The proposed acquisition is expected to be completed in six to eight weeks, subject to completion of the customary closing conditions, ITC said in an exchange filing.
“Total consideration – up to ₹485 crore, including contingent consideration which is subject to achievement of prescribed targets,” the company said.
Blazeclan is an AWS Premier Partner, Snowflake Elite Partner and a leader in providing Cloud transformation solutions to customers globally. The company has strong expertise in Cloud Migration, Digital Services, Digital Cloud Consulting and Data Analytics and Insights.
Shares of ITC Ltd. closed 1.44% higher at ₹419.75 apiece on the NSE. The stock fell 10% so far this year and it has gained just a mere 5% over the last 12 months.
Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout
3 Mins Read
Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter
Daily Newsletter
