Xduce Technologies Acquires Additional 9% Stake in Dev Information Technology from Promoters

US-Based Xduce Technologies Acquires Additional Stake in Dev Information Technology

On March 2, Xduce Technologies, a US-based app development and digital transformation company, acquired an additional 9.09% equity stake in Dev Information Technology, an IT services company. The acquisition was made through open market transactions, valued at Rs 11.95 crore.

The 9.09% stake was acquired by purchasing 51.25 lakh shares at Rs 23.33 per share. This additional stake brings Xduce Technologies' total holding in Dev Information Technology to 12.48%, as per the company's disclosures dated January 3. The strategic alliance between the two companies aims to accelerate growth in North America and scale global delivery capabilities across digital engineering, cloud, data, artificial intelligence, and cybersecurity.

Dev Information Technology shares rallied 3.75% to Rs 24.08 amid a severe market correction, with a market capitalisation of Rs 133 crore.

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Promoters' Sale

In a separate transaction, promoters of Dev Information Technology sold a 9.03% stake in the company for Rs 11.86 crore. Pranav Niranjan Pandya, Kruti Pranav Pandya, and Jaimin Jagdishbhai Shah sold 15 lakh, 6.24 lakh, and 29.64 lakh shares, respectively, at prices ranging from Rs 23.25 to Rs 23.4 per share.

Other Market Activity

• Citigroup Global Markets Mauritius sold 8.28 lakh shares in Clean Max Enviro Energy Solutions, a renewable energy provider, at Rs 846.72 per share, valued at Rs 70.18 crore. The stock plunged 17.62% to close at Rs 867.5 on its first trading day.
• Kiaasa Retail fell 8% to Rs 116.85. Small institutional investors acquired a 2.39% stake in the women's ethnic wear brand, with Craft Emerging Market Fund PCC- Citadel Capital Fund, Longthrive Capital VCC - Trendview Capital Fund, and Brimming Wealth Advisors LLP buying 1.96 lakh, 1.2 lakh, and 1.2 lakh shares, respectively, at Rs 123 per share.
• Equity Intelligence India, a portfolio management company owned by ace investor Porinju Veliyath, bought 2.35 lakh rights shares in Sical Logistics at Rs 0.91 per share, valued at Rs 2.13 lakh. Girish Gulati HUF sold 1.32 lakh shares at Rs 0.87 per share for Rs 1.15 lakh.

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