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Dev Information Technology Ltd to acquire Dhyey Consulting Services Pvt Ltd
Posted On : 2023-12-16 22:34:30( TIMEZONE : IST )
The Board of Directors of Dev Information Technology Limited at its meeting held on Friday, December 15, 2023, has considered and approved the execution of the Share Purchase Agreement ("SPA") and Acquisition. The board considered and approved to acquire 100% stake of Dhyey Consulting Services Private Limited. For the purpose of same the board of directors have considered and approved execution of Share Purchase Agreement ("SPA") amongst Dev Information Technology Limited ("Company), Promoters of M/s, Dhyey Consulting Services Private Limited ("Sellers") and Dhyey Consulting Services Private Limited ("the Company").
Dhyey Consulting, is renowned for its expertise in Microsoft Dynamics 365, CRM, AI, and Power Platform brings a proven track record with over 300 successful implementations, especially in critical sectors like retail and manufacturing in India and overseas. Their deep industry expertise and status as a premier Microsoft Gold partner significantly boost DEV IT's existing portfolio of Enterprise Applications around the Microsoft D365, Power platform and boost AI practice.
Subject to the approval of shareholders of the Company and in accordance with SPA and such other regulatory/governmental authorities as may be required, the Board has approved to create, offer, issue and allot by way of a preferential issue of 2,96,296, (Two Lakhs Ninety Six Thousand Two hundred Ninety Six) equity shares, at an issue price of ₹135 (Rupees One Hundred Thirty-Five Only) per equity share of the face value of ₹5/- (Rupees Five only) each at an issue price as determined in accordance with the provisions of Chapter V of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as aggregating to ₹4,00,00,000/- (Rupees Four Crore Only), for Consideration other than Cash, to Mr. Nilesh Dilipkumar Mandani, Mr. Nileshkumar Jagdishbhai Panchal and Mr. Sahil Baldevbhai Amin (directors of M/s. Dhyey Consulting Services Private Limited) (hereinafter referred to as "Proposed Allottee") on a private placement basis on such terms and condition as may be determined by the Board.
