Birlasoft arm enters into settlement and mutual release agreement with Invacare Corp

Birlasoft Solutions Inc. ("BSI"), a wholly-owned subsidiary of Birlasoft Limited (the "Company"), has entered into a Settlement and Mutual Release Agreement with its customer, Invacare Corp. This Agreement follows consultations after the filing of voluntary Chapter 11 proceedings under the Bankruptcy Code by Invacare Corp on February 1, 2023. The Bankruptcy & Reorganization proceedings were filed by Invacare Corp in Houston, Texas and a global reorganization plan was filed, wherein Invacare Corp. and BSI terminated the Master IT Services Agreement (MITSA) in January 2023. As per the Settlement Agreement approved on April 24, 2023, US central standard time, parties have mutually provided releases and waiver from claims. BSI would receive $2 million for Disengagement Services ending on May 31, 2023.

Shares of BIRLASOFT LIMITED was last trading in BSE at Rs. 265.15 as compared to the previous close of Rs. 256.65. The total number of shares traded during the day was 60731 in over 1308 trades.

The stock hit an intraday high of Rs. 266.10 and intraday low of 255.50. The net turnover during the day was Rs. 15909056.00.

Source : Equity Bulls

Keywords

BIRLASOFT INE836A01035 BSOFT BirlasoftSolutions Settlement MutualRelease Agreement InvacareCorp