3i Infotech shares touched 52-week high of Rs 5.90, rising over 4 percent intraday on December 29 as company is going to sell its software business.
The board of directors of the company approved the slump sale of the global software products business of the company (including its worldwide subsidiaries) on a going concern basis to Azentio Software.
The sale is subject to receipt of requisite approvals and executed a business transfer agreement (BTA) between the company and the buyer on December 28, 2020.
Company's software product business consisting of the business, intellectual property and employees in India, USA, UK, Kenya, UAE, Malaysia, Singapore, Thailand and Saudi Arabia.
The software product business of the company in India (Product Division) is being transferred under the BTA. The software products business in the other jurisdictions will be transferred pursuant to offshore business transfer agreements.
The sale of the product division is expected to be completed by March 31, 2021, subject to receipt of requisite approvals and fulfilment of customary closing conditions.
Aggregate consideration for the software business (in and outside India) and intellectual property of up to Rs 1,000 crore, subject to customary working capital and other adjustments.