Outcome of Board Meeting for Allotment of 45,48,379 (Forty-Five Lakhs Forty-Eight Thousand Three Hundred Seventy-Nine) Fully Paid-up Equity Shares On Preferential Basis, pursuant to share ....
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Sattrix Information Security Ltd has allotted 45,48,379 fully paid-up equity shares at Rs. 347 per share, aggregating to about Rs. 157.83 crores, to the shareholders of Sattrix Software Solutions Pvt Ltd (SSSPL) as consideration for acquiring 100% of SSSPL through a share swap. SSSPL, incorporated in 2018 and based in Ahmedabad, is engaged in software development and IT consulting services, with a FY24-25 turnover of Rs. 301.68 lakhs. The acquisition makes SSSPL a wholly-owned subsidiary and is expected to expand Sattrix's cybersecurity offerings into e-commerce, retail, education, and healthcare verticals. The transaction is a related-party deal since promoters Sachin and Ronak Gajjar are also promoters/directors of SSSPL, and it has been carried out at arm's length with an independent fair valuation. Six allottees received shares, including two promoter allottees and four non-promoter allottees.
Existing shareholders will see dilution as total share count rises, but the acquisition adds a complementary IT services business and turns SSSPL into a wholly-owned subsidiary, supporting long-term growth. Since the deal is a non-cash share swap, there is no cash outflow, though investors should note the related-party nature of the transaction.