Xelpmoc Design and Tech Ltd Board approves part sale / disposal of investment in Mihup for Rs. 100 million

The Board of Directors of Xelpmoc Design and Tech Limited (NSE: XELPMOC; BSE: 542367), a professional and technical consulting services company, approved the proposal for part sale / disposal of its investment in Mihup Communications Private Limited ("Mihup"). As per the proposed Share Purchase Agreement, 11,782 Series Seed CCPS of the face value of Re.1/- per share at a price of Rs.8487.32/- per share aggregating to total consideration of Rs. 100 million will be transferred.

Commenting on the transaction, Mr. Sandipan Chattopadhyay, MD & CEO, Xelpmoc Design and Tech Limited said, "I am excited to announce that the Board has approved the proposal for part sale of our stake in Mihup. This is a landmark transaction for Xelpmoc and validates our thesis of exiting startups post our targeted 7 year holding period. Consistent with our capital allocation priorities, we intend to utilize the proceeds from this transaction primarily to support organic growth and pursue value-creating investments in the field of AI, ML and data sciences."

Shares of Xelpmoc Design And Tech Limited was last trading in BSE at Rs. 89.10 as compared to the previous close of Rs. 87.36. The total number of shares traded during the day was 566 in over 89 trades.

The stock hit an intraday high of Rs. 89.89 and intraday low of 86.71. The net turnover during the day was Rs. 50033.00.

Source : Equity Bulls

Keywords

XelpmocDesignAndTech INE01P501012 StakeSale Mihup