Xduce Technologies buys additional 9% stake in Dev Information Technology from promoters

markets

• Xduce Technologies buys additional 9% stake in Dev Information Technology from promoters
• Citigroup Global sells 0.7% stake in Clean Max Enviro Energy Solutions
• Citadel Capital Fund, Trendview Capital Fund, Brimming Wealth Advisors pick up 2.4% stake in Kiaasa Retail

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US-based Xduce Technologies has acquired additional more than 9 percent equity stake in Dev Information Technology, the IT services company, from promoters via open market transactions on March 2.

Perhaps, in response to the deal, Dev Information Technology shares rallied 3.75 percent to Rs 24.08 amid severe market correction. It has a market capitalisation of Rs 133 crore.

Xduce Technologies, the US-based app development and digital transformation company, has bought 51.25 lakh shares (equivalent to 9.09 percent of paid-up equity) in Dev Information at Rs 23.33 per share, valued at Rs 11.95 crore.

On the contrary, promoters have offloaded 9.03 percent stake in Dev Information Technology for Rs 11.86 crore. Pranav Niranjan Pandya sold 15 lakh shares at Rs 23.4 per share, Kruti Pranav Pandya offloaded 6.24 lakh shares at Rs 23.5 per share, and Jaimin Jagdishbhai Shah 29.64 lakh shares at Rs 23.25 per share.

As per the company's disclosures dated January 3, Xduce Technologies already picked up 12.48 percent equity stake in Dev Information. This follows the announcement of company's strategic alliance with XDuce to accelerate growth in North America and scale its global delivery capabilities across digital engineering, cloud, data, artificial intelligence, and cybersecurity.

Meanwhile, Citigroup Global Markets Mauritius sold 8.28 lakh shares (0.7 percent stake) in Clean Max Enviro Energy Solutions, the renewable energy provider, at Rs 846.72 per share, amounting to Rs 70.18 crore. The stock plunged 17.62 percent to close at Rs 867.5 on its first trading day.

Kiaasa Retail was also in focus, falling 8 percent to Rs 116.85. The correction seems to have been utilised by small institutional investors as they picked 2.39 percent stake in the women's ethnic wear brand.

Craft Emerging Market Fund PCC- Citadel Capital Fund has acquired 1.96 lakh shares in Kiaasa for Rs 2.41 crore, while Longthrive Capital VCC - Trendview Capital Fund and Brimming Wealth Advisors LLP each bought 1.2 lakh shares for Rs 1.47 crore. The buying price by these investors was Rs 123 per share.

Equity Intelligence India, the portfolio management owned by ace investor Porinju Veliyath, bought 2.35 lakh rights shares in Sical Logistics at Rs 0.91 per share, valued at Rs 2.13 lakh. However, Girish Gulati HUF sold 1.32 lakh shares at Rs 0.87 per share for Rs 1.15 lakh.