In the early hours of April 19, shares of ITC Ltd saw a marginal increase following the announcement by ITC Infotech of its intention to acquire a 100 percent stake in a Pune-based IT company.
As of 9:31 am, ITC was trading at Rs 421.50, up by Rs 2.55 or 0.61 percent, on the BSE.
According to an exchange filing, ITC Infotech India Limited, a wholly owned subsidiary of ITC, has entered into a share purchase agreement to acquire the entire share capital of Blazeclan Technologies Private Limited for Rs 485 crore.
The acquisition is anticipated to be finalized within six to eight weeks, subject to customary closing conditions. It is expected to bolster ITC Infotech’s capabilities in servicing customers within a multi-cloud and hybrid cloud environment, with a focus on the partner eco-system to drive future growth.
This move is aimed at reinforcing ITC Infotech’s dedication to assisting clients in navigating their digital transformation journey and delivering business outcomes grounded in robust Cloud capabilities.
Blazeclan, the target company, is recognized as an AWS Premier Partner, Snowflake Elite Partner, and a leader in providing Cloud transformation solutions globally. It specializes in cloud migration, digital services, digital cloud consulting, and Data Analytics & Insights.
ITC’s share price had previously reached a 52-week high of Rs 499.60 and a 52-week low of Rs 396 on July 24, 2023, and April 19, 2023, respectively. Presently, the stock is trading 15.63 percent below its 52-week high and 6.44 percent above its 52-week low.
