Decipher Labs Ltd to acquire IT company business in India

The Board of Directors of Decipher Labs Ltd (Formerly Combat Drugs Limited) at its meeting had considered various proposals for expansion of the business of the company and was on the lookout for acquisition of Businesses in the Pharma and Information Technology Sectors.

With a view to expand its presence further in the Information Technology Sector, the Board of Directors of the company have identified a company for acquisition of its business (hereinafter referred to as the "Target Company") based in India through a Business Transfer Arrangement. The target company is operating in the field of Information Technology Services specializing in Consulting, Offshore Development and Manpower Management with diversified client portfolio consisting of the top IT companies in India having an Income Revenue in excess of Rs.43 Crores and an EBITDA of approximately Rs.6.33 Crores as per the unaudited figures of their Financials.

The Board is considering the proposal of the acquisition of the business of the target company, subject to Due Diligence of the Target company and its authorized representatives and the Feasibility and Viability report and to conduct and/or appoint an agency for the Feasibility and Technical and Financial Due Diligence of the project and detailed discussions with the Promoters of the target company and their bankers, Creditors and Debtors thereof and making representations, for obtaining statutory approvals, if and wherever necessary.

Shares of COMBAT DRUGS LTD. was last trading in BSE at Rs.29.35 as compared to the previous close of Rs. 26.7. The total number of shares traded during the day was 47310 in over 67 trades.

The stock hit an intraday high of Rs. 29.35 and intraday low of 26.75. The net turnover during the day was Rs. 1340214.

Source : Equity Bulls

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