Dev IT approved the takeover of global IT services firm Dhyey Consulting Services for expansion. Bank transfers will pay for 55% of the transaction, while stock shares will pay for the rest. The stock rose 19% in a week.
Due to Western inferiority, information technology saw various disruptive trends. IT businesses are back in the spotlight after the Fed hinted at reducing interest rates to lower borrowing costs. IT stocks have gained heavily in recent sessions, benefiting investors. The end-to-end technology solutions provider Dev Information Technologies has approved the acquisition of Dhyey Consulting Services for expansion.
The transaction value will be split in two, according to a stock exchange filing. 55% will be paid via bank transfer, the rest by equity share issuance. The board has approved a preferential offering of 2,96,296 equity shares at Rs 135 per face-valued share of Rs 5.
The filing stated that shareholders must approve the deal.
Dhyey Consulting excels in CRM, AI, Power Platform, and Microsoft Dynamics 365.
Dev IT provides application development, managed IT services, enterprise apps, digital transformation, cloud services, and more worldwide.
Since hitting a lifetime high of Rs 165.60, the small-cap IT stock has been rising. Weekly gains of 19% have been impressive for the stock. It outperformed its sector by 27.50% in one year, drawing investors and demonstrating market confidence in its potential.
Conclusion
Shares of IT companies have risen since the US Federal Reserve reduced interest rates. The acquisition of Microsoft Dynamics 365, CRM, AI, and Power Platform expert Dhyey Consulting Services by global IT services firm Dev Information Technologies was approved. The purchase will be split into 55% bank transfer and 85% equity share. The board approved a preferential offer of 2,96,296 equity shares at Rs 135 each. The transaction requires shareholder approval. The small-cap IT stock outperformed its industry by 27.50% in one year and reached a lifetime high of Rs 165.60.
