Acquisition of 45% in Itarium Technologies Private Limited
Price
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GTT Data Solutions is acquiring the remaining 45% equity stake (4,500 shares) in Itarium Technologies India Pvt Ltd (ITPL) from its selling shareholders for ₹990 lakhs in cash, at ₹22,000 per share. ITPL is currently a 55% subsidiary of GTT; once this deal closes (on or before August 31, 2025), ITPL will become a wholly owned subsidiary. The deal was originally agreed under a January 2024 share purchase agreement and was amended via a First Amended SPA dated June 1, 2025, with board approval on May 20, 2025. ITPL is a Pune-based technology firm offering enterprise solutions, data and analytics consulting, and software development services, with FY25 turnover of ₹872.97 lakhs and net profit of ₹77.03 lakhs. The selling shareholders include a Non-Executive Director and promoters of GTT, making this a related party transaction, though conducted at arms' length.
This is a consolidation move — GTT is buying out the minority stake to make ITPL fully owned, giving it 100% control and full economic benefit of ITPL's profits. For shareholders, this streamlines the group structure but involves ~₹9.9 crore of cash outflow and a related party transaction, which may draw scrutiny despite the arms' length pricing.