In accordance with Regulation 30 of SEBI (LODR) Regulations and pursuant to the approval of the members of the Company at the EGM held on July 05, 2024, the Company has acquired remaining ....
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ACE Software Exports Ltd has acquired the remaining 60% stake in its subsidiary Ace Infoway Private Limited (AIPL) for ₹12.90 crore, at ₹1,075 per share for 1,20,000 shares. This follows its earlier 40% acquisition in February 2024, making AIPL a 100% wholly owned subsidiary of the company. The acquisition was funded entirely through net proceeds from the company's Rights Issue (Letter of Offer dated December 4, 2024). AIPL, incorporated in 1999, is an IT/Web/Software services company with revenue of ₹15.51 crore in FY24, down from ₹19.31 crore in FY23 and ₹14.16 crore in FY22. Shareholder approval for the deal was obtained at the EGM held on July 5, 2024, and the transaction was completed on April 9, 2025.
Full ownership of AIPL consolidates ACE Software's IT services revenue and decision-making, but the declining turnover trend at AIPL (from ₹19.31 crore to ₹15.51 crore over two years) warrants attention. Since funding came from Rights Issue proceeds rather than debt, there's no new leverage, though it does represent deployment of capital raised from existing shareholders.