3i Infotech Limited completes slump sale of global software products business

3i Infotech Limited has completed the slump sale of the global software products business of the Company (including its worldwide subsidiaries other than the sale of such business of its subsidiaries in Saudi Arabia and Thailand, the completion of which is to occur separately subject to regulatory approvals) on a going concern basis to Azentio Software Private Limited (and its affiliates) ("Buyer"), pursuant to inter alia the business transfer agreement dated December 28, 2020 executed between the Company and the Buyer.

The total consideration received by the Company (including its worldwide subsidiaries) for the sale of its global software products business, will be used by the Company for the following purposes:

- repayment of outstanding facilities of lenders of the Company (including lenders forming part of the corporate debt restructuring mechanism) and certain of its subsidiaries on such terms and conditions as may be agreed.

- redemption of outstanding foreign currency convertible bonds subject to receipt of necessary regulatory approvals; and

- redemption of outstanding preference shares on such terms as may be agreed between the preference shareholders and the Company and as per applicable law.

Shares of 3I INFOTECH LTD. was last trading in BSE at Rs.7.44 as compared to the previous close of Rs. 7.35. The total number of shares traded during the day was 723582 in over 4403 trades.

The stock hit an intraday high of Rs. 7.52 and intraday low of 7.25. The net turnover during the day was Rs. 5397700.

Source : Equity Bulls

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