Home Company ITC shares surge following ITC Infotech’s acquisition of Pune-based IT firm for Rs 485 crore.

ITC shares surge following ITC Infotech’s acquisition of Pune-based IT firm for Rs 485 crore.

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ITC Share Price | On 24 July 2023 and 19 April 2023, the share reached its 52-week high at Rs 499.60 and 52-week low at Rs 396.00, respectively.

ITC Ltd shares traded slightly up in early hours on April 19 following ITC Infotech’s announcement of acquiring 100 percent stake in a Pune-based IT firm. At 9:31 am, ITC was priced at Rs 421.50, up Rs 2.55, or 0.61 percent, on the BSE.

“ITC Infotech’s Acquisition of Blazeclan: Path to Completion and Financial Considerations”

ITC’s wholly owned subsidiary, ITC Infotech India Limited, has signed a share purchase agreement to acquire 100 percent of Blazeclan Technologies Private Limited’s share capital for Rs 485 crore, as per an exchange filing.

The acquisition is expected to finalize within six to eight weeks, pending fulfillment of standard closing conditions.

Infotech has entered a share purchase agreement to acquire 100% of the share capital of Blazeclan Technologies Private Limited, headquartered in Pune. As per regulatory filing, the total consideration for this acquisition by its wholly owned subsidiary, ITC Infotech India Limited, amounts to up to Rs 485 crore, inclusive of contingent consideration contingent upon meeting specified targets.

ITC Infotech's
Source : Arab News

The acquisition is anticipated to enhance ITC Infotech’s capacity to serve customers in a multi-cloud and hybrid cloud setting, emphasizing the partner ecosystem to expedite future expansion.

Aligned with its Chairman Sanjiv Puri’s vision of elevating a billion-dollar enterprise within the next five years, this step is taken. In FY23, The Company recorded revenues of Rs 3,321 crore and EBITDA of Rs 579 crore. The acquisition is anticipated to conclude within six to eight weeks, subject to standard closing conditions.

“Blazeclan: Expertise in Cloud Solutions and ITC Infotech’s Strategic Investment Approach”

Blazeclan is a cloud-native consulting firm delivering cloud services on AWS, Azure, and GCP, offering global customers cloud transformation solutions. Their specialties include cloud migration, digital services, cloud consulting, and data analytics.

It stated that the decision aligned with the company’s strategy of pursuing value accretive investments, focusing on enhancing capability-led solutions and reinforcing partnerships, vital for company growth.

Through this agreement, the Company aims to enhance its global footprint with cloud competency centers in Australia, Singapore, Malaysia, and India.

Sudip Singh, Managing Director and CEO of the Company, remarked, “In a changing landscape, businesses must leverage their cloud investments to stay competitive and offer greater value to customers. With the planned acquisition of Blazeclan, we anticipate being well-positioned to advance our clients’ digital transformation efforts.”

He remarked, “This acquisition will enhance our capabilities and drive scalable advancements in the cloud sector, unlocking substantial business value for our customers.”

“Blazeclan’s Integration into ITC Infotech: Leveraging Technical Expertise for Enhanced Customer Service”

Varoon Rajani, Founder and CEO of Blazeclan, expressed, “I’m excited to announce Blazeclan’s next phase as part of the ITC Infotech family.”

“With Infotech’s extensive technical knowledge, we’re set to enhance our capabilities and enhance customer service. The blend of Blazeclan’s cloud and modernization expertise with strengths forms a winning combination,” he further stated.

You might also be in – British American Tobacco (BAT) has divested a 3.5% stake in ITC through a block deal worth Rs 17,500 crore , causing the stock to surge by over 8%retsed

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