Datamatics Global Services Ltd to acquire 49.50% stake in JV

Datamatics Global Services Limited ("the Company") had a Joint Venture agreement with Cybercom Group AB ("CYBERCOM") through a JV Company i.e. Cybercom Datamatics Information Solutions Limited ("CDIS"/ "JVC") and that the Company is holding 50.50% shares and CYBERCOM is holding 49.50% shares in the JVC.

The Board of Directors of the Company at its Meeting held on May 26, 2021, has approved, to acquire 49.50% stake in Cybercom Datamatics Information Solutions Limited ("CDIS") held by CYBERCOM and on completion of aforesaid acquisition of shares, CDIS will become Wholly Owned Subsidiary of the Company. Accordingly, Joint Venture Agreement between the Company and CYBECOM will be terminated on completion of acquisition.

The total cost of acquisition is ₹ 30.82 Million.

Shares of DATAMATICS GLOBAL SERVICES LTD. was last trading in BSE at Rs.153.4 as compared to the previous close of Rs. 146.6. The total number of shares traded during the day was 84033 in over 1756 trades.

The stock hit an intraday high of Rs. 156.5 and intraday low of 146.1. The net turnover during the day was Rs. 12788817.

Source : Equity Bulls

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