Shares of ITC Ltd traded marginally higher in the opening hours on April 19 after ITC Infotech announced buying a 100 percent stake in a Pune-based IT firm.
At 9:31 am, ITC was quoting Rs 421.50, up Rs 2.55, or 0.61 percent, on the BSE.
ITC Infotech India Limited, a wholly-owned subsidiary of ITC, has entered into a share purchase agreement for the acquisition of 100 percent of the share capital of Blazeclan Technologies Private Limited for Rs 485 crore, according to an exchange filing.
The proposed acquisition will be completed in six to eight weeks, subject to completion of the customary closing conditions.
This acquisition is expected to augment ITC Infotech’s capabilities to service its customers in a multi-cloud and hybrid cloud environment with a focus on the partner ecosystem to accelerate future growth.
The acquisition is expected to strengthen ITC Infotech’s commitment to helping clients navigate their digital transformation journey and deliver business outcomes built on the foundation of strong Cloud capabilities.
Blazeclan is an AWS Premier Partner, Snowflake Elite Partner, and a leader in providing Cloud transformation solutions to customers globally. Blazeclan has strong expertise in cloud migration, digital services, digital cloud consulting, and Data Analytics & Insights.
The share touched a 52-week high of Rs 499.60 and a 52-week low of Rs 396 on 24 July 2023 and 19 April 2023, respectively. Currently, the stock is trading 15.63 percent below its 52-week high and 6.44 percent above its 52-week low.
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