In the early hours of April 19, shares of ITC Ltd. slightly increased on the announcement that ITC Infotech will acquire a 100% share in an IT company situated in Pune.
ITC was quoted Rs 421.50 on the BSE at 9:31 a.m., up Rs 2.55, or 0.61 percent.
According to an exchange filing, ITC Infotech India Limited, a fully owned subsidiary of ITC, has engaged into a share purchase agreement to acquire all of Blazeclan Technologies Private Limited's shares for a sum of Rs 485 crore.
The anticipated transaction will be finished in six to eight weeks, if all closing requirements are met.
It is anticipated that this purchase would strengthen ITC Infotech's capacity to support its clients in a multi-cloud and hybrid cloud environment, emphasizing the partner ecosystem to spur future expansion.
It is anticipated that this purchase would increase ITC Infotech's dedication to supporting customers in their digital transformation process and producing business results based on robust cloud capabilities.
Blazeclan is a pioneer in offering cloud transformation solutions to clients worldwide and is an AWS Premier Partner as well as a Snowflake Elite Partner. Blazeclan is well-versed in data analytics and insights, digital services, cloud migration, and cloud consultancy.
The share saw its 52-week high on July 24, 2023, of Rs 499.60, and its 52-week low on April 19, 2023, of Rs 396. The stock is now trading 6.44 percent above its 52-week low and 15.63 percent below its 52-week high.
