Mphasis Consulting Limited, UK, a wholly owned subsidiary of the Company, has acquired 49% shareholding in Mrlad Limited, UK, from its joint venture partner Ardonagh Services Limited. Following this acquisition, Mrald Limited would become a wholly owned subsidiary of Mphasis Consulting Limited and a step-down wholly owned subsidiary of the Company.
MPHASIS · price
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Mphasis Consulting Limited (UK), a wholly owned subsidiary of MphasiS, has acquired the remaining 49% shareholding in Mrlad Limited (UK) from its joint venture partner Ardonagh Services Limited. As a result of this acquisition, Mrlad Limited will become a wholly owned subsidiary of Mphasis Consulting Limited and, in turn, a step-down wholly owned subsidiary of MphasiS Limited. This effectively converts what was a joint venture into a fully owned entity under the MphasiS umbrella. No financial details of the transaction have been disclosed in this announcement.
This move gives MphasiS full ownership and control over Mrlad Limited, which could simplify decision-making and allow 100% of the subsidiary's profits to flow to MphasiS. Shareholders may view this positively if it strengthens the company's UK operations, though the impact on stock price is likely to be modest given no material financial terms were disclosed.