Dev Information Technology Board Approves Acquisition of Dhyey Consulting Services

Dev Information Technology Ltd. (BSE: 543462, NSE: DEVIT), an end-to-end technology solutions provider delivering digital transformation leveraging cloud, automation and data technologies has announced that its board has approved to acquire a 100% stake in Dhyey Consulting Services Private Limited. For the purpose of the same the board of directors have considered and approved the execution of the share purchase agreement amongst Dev Information Technology Limited, Promoters of M/s, Dhyey Consulting Services Pvt Ltd. and Dhyey Consulting Services Pvt Ltd.

The acquisition is valued at INR 9 Crore, split into two parts - Rs 5 Crore to be paid by way of bank transfer and balance amount payable by way of issuance of such number of equity shares of the Purchaser namely Dev Information Technology Limited, Listed Entity on a preferential basis for the balance amount of Rs 4 Crore.

Subject to the approval of shareholders of the company and in accordance with SPA and such other as may be required, the Board has approved to create, offer, issue and allot by way of a preferential issue of 2,96,296, equity shares, at an issue price of Rs 135 per equity share of the face value of Rs 5/- as aggregating to Rs 4 Crores for Consideration other than Cash, to Mr. Nilesh Dilipkumar Mandani, Mr. Nileshkumar Jagdishbhai Panchal and Mr. Sahil Baldevbhai Amin (directors of M/s. Dhyey Consulting Services Private Limited) on a private placement basis on such terms and conditions as may be determined by the Board.

Known for its proficiency in Microsoft Dynamics 365, CRM, AI, and Power Platform, Dhyey Consulting has successfully implemented over 300 projects, particularly in vital industries like manufacturing and retail in India and beyond. Its extensive industry knowledge and standing as a top Microsoft Gold partner greatly strengthen DEV IT's current Enterprise Application portfolio centered around the Microsoft D365 and Power platform, as well as advanced AI practice. As of March 31, 2023, Dhyey Consulting had a turnover of Rs. 15.94 Cr.

Dev Information Technology Limited (DEV IT) is a global IT services provider offering services like application development, managed IT services, enterprise applications, digital transformation, cloud services and more. On Monday, the shares of Dev Information Technology were trading 3.01% higher at Rs 164.40 on the NSE during the morning deals.