Multibagger stock: Dev IT share price hits life-time high after this acquisition update. Do you own?
- Multibagger stock: Dev IT shares have been in uptrend after ushering in FY23
Multibagger stock: Dev IT shares are one of the multibagger stocks that Indian stock market has delivered in last few years. This small-cap IT company stock has been in uptrend after ushering in FY23. In these near 20 months, this stock has risen from around ₹62.50 to ₹165.65 apiece levels, delivering to the tune of 165 per cent return to its shareholders in this time. However, it seems that the multibagger IT stock still possess some steam in it.
Dev IT share price today opened flat but soon cuaght attention of stock market bulls and touched intraday high of ₹165.65 apiece levels on NSE, which is its new life-time high. This IT stock was in news today for acquisition of f Dhyey Consulting Services Private Limited. The IT company has acquired 100 per cent stake in this tech company to improve its Air Intelligence (AI) practice.
Dev IT acquisition details
Informing Indian stock market bourses about the acquisition, Dev IT said, "Further to our letter dated Tuesday, December 12, 2023 and in accordance with provisions of Regulation 30 read with Schedule III of the SEBI LODR Regulations, we would like to inform you that the Board of Directors of the Company at its meeting held today i.e., Friday, December 15, 2023, has inter-alia 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”)."
Dhyey Consulting, is renowned for its expertise in Microsoft Dynamics 365, CRM, AI, and Power Platform brings a proven track record with over 300 successful implementations, especially in critical sectors like retail and manufacturing in India and overseas. Their deep industry expertise and status as a premier Microsoft Gold partner significantly boost DEV IT's existing portfolio of Enterprise Applications around the Microsoft D365, Power platform and boost AI practice.
Approval to preferential issue
The IT company board also gave its approval to 2,96,296 preferential issues. Dev IT informed Indian stock market bourses about the same citing, "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 as determined in accordance with the provisions of Chapter V of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as aggregating to ₹4,00,00,000/- (Rupees Four Crore Only), for Consideration other than Cash, to Mr. Nilesh Dilipkumar Mandani, Mr. Nileshkumar Jagdishbhai Panchal and Mr. Sahil Baldevbhai Amin (directors of M/s. Dhyey Consulting Services Private Limited) (hereinafter referred to as “Proposed Allottee”) on a private placement basis on such terms and condition as may be determined by the Board."
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