Datamatics Global Services rises on getting nod to acquire balance 23% stake in Datamatics Cloud Solution
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Datamatics Global Services is currently trading at Rs. 571.60, up by 7.15 points or 1.27% from its previous closing of Rs. 564.45 on the BSE.
The scrip opened at Rs. 565.15 and has touched a high and low of Rs. 574.70 and Rs. 562.00 respectively. So far 251 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 790.20 on 05-Dec-2023 and a 52 week low of Rs. 441.65 on 29-May-2023.
Last one week high and low of the scrip stood at Rs. 609.30 and Rs. 548.50 respectively. The current market cap of the company is Rs. 3330.48 crore.
The promoters holding in the company stood at 66.44%, while Institutions and Non-Institutions held 2.52% and 31.04% respectively.
Datamatics Global Services has received approval to acquire the balance 23% stake in Datamatics Cloud Solution, Joint Venture Company (JVC) held by CloudGrowth. This acquisition is undertaken pursuant to terms and conditions of Joint Venture Agreement dated October 4, 2022 entered between the company and CloudGrowth.
The object of this acquisition of balance 23% equity in the JVC is to clean up the company’s Salesforce business structure. Post-acquisition, JVC will become wholly owned subsidiary of the company and Joint Venture Agreement between the company and CloudGrowth will be terminated on completion of acquisition & payment of consideration in full. Initial payment of Rs 1.24 crore and additional deferred payment of up to Rs 41 lakh shall be paid in October 2024 subject to fulfilment of terms and conditions mentioned in the Joint Venture Agreement.
Datamatics Global Services provides intelligent solutions for data driven businesses to increase productivity and enhance the customer experience.
