Information technology was marked by several disruptive trends due to weakness in the West. However, the Fed's hint at cutting interest rates which would reduce borrowing costs across, has shifted the focus back towards the IT companies. The equities of IT shares have been gaining for the past few sessions, delivering handsome gains to investors. Dev Information Technologies which offers end-to-end technology solutions has approved the acquisition of Dhyey Consulting Services as a part of expansion.
According to a stock exchange filing, the value of the acquisition will be split into two parts. While 55 per cent will be paid by way of bank transfer, the remaining will be payable by way of issuance of equity shares. The board has approved to create, offer, issue and allot by way of a preferential issue of 2,96,296, equity shares, at an issue price of Rs 135 per equity share of the face value of Rs 5.
The acquisition is subject to the approval of shareholders, the filing said.
Dhyey Consulting is renowned for its expertise in Microsoft Dynamics 365, CRM, AI, and Power Platform.
Dev IT is a global IT services provider offering services like application development, managed IT services, enterprise applications, digital transformation, cloud services and more.
The small-cap IT stock has been in an uptrend as it hit lifetime high of Rs 165.60. The stock has shown robust performance, gaining 19 per cent in one week. It has significantly outperformed its sector, rising by 27.50 per cent in one year, thus attracting investor attention and reflecting the market's confidence in its potential.
