Dev Information Technology to acquire 100% stake in Microsoft boutique consulting firm

Dev Information Technology, a CMMI Level 3 appraised company, has announced that it will acquire a 100 per cent stake in Dhyey Consulting - which is renowned for its expertise in Microsoft Dynamics 365, CRM, AI, and Power Platform.

"Considered and approved to acquire 100% stake of Dhyey Consulting Services Private Limited. For the purpose of same the board of directors have considered and approved execution of Share Purchase Agreement (“SPA") amongst Dev Information Technology Limited (“Company), Promoters of M/s, Dhyey Consulting Services Private Limited (“Sellers”) and Dhyey Consulting
Services Private Limited (“the Company”)," the company said in an exchange filing. 

According to the company, the cost of the acquisition will not exceed Rs 9 crore. Also, the target company would become a wholly owned subsidiary of Dev IT upon 100 per cent acquisition by March. 

Out of Rs 9 crore, Rs 5 crore will be paid by way of bank transfer and the balance amount payable by way of issuance of such number of equity shares of the Dev Limited.

Meanwhile, the board has also approved to allot 2,96,296 preferential issues. The shares will have an issue price of Rs 135 per equity share with a face value of Rs 5. 

"Subject to the approval of shareholders of the Company and in accordance with SPA and such other regulatory/governmental authorities as may be required, the Board has approved to create, offer, issue and allot by way of a preferential issue of 2,96,296, (Two Lakhs Ninety Six Thousand Two hundred Ninety Six) equity shares, at an issue price of ₹135 (Rupees One Hundred Thirty-Five Only) per equity share of the face value of ₹5/- (Rupees Five only) each at an issue price," the company said in a filing.