Smallcap IT stock announces fresh acquisition, shares react

Shares rise in trade.

Shares of smallcap IT firm Blue Cloud Softech saw profit booking in trade on Tuesday after the company announced a fresh acquisition.

In a filing to the stock exchanges, the company said its Board of Directors, at a meeting held on Tuesday, approved the proposal to acquire 100 percent equity interest in Global Impex Inc. from ConnectM Technologies Solutions Inc.

The acquisition will be completed through an all-equity swap, the company said.

Janaki Yarlagadda, Chairman of the company, said Global Impex brings clean energy and mobility assets along with technology capabilities that will strengthen the company’s Blue Energy platform.

The company said the proposed acquisition is aimed at building a scalable, technology-driven "Blue Energy" platform to offer clean energy solutions for data centres, industrial sectors, mobility, electric vehicles, energy storage, software and data services in India and overseas.

Shares of the company declined 3.89 percent to Rs 22.01 per share amid profit booking during a broader market sell-off.

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