Dev Information Technology Ltd. (BSE: 543462, NSE: DEVIT), is an end-to-end technology solutions provider delivering digital transformation leveraging cloud, automation and data
technologies. The Board, in its meeting held on June 16, 2023, has approved execution of the share purchase agreement between members of the promoter and promoter group (the sellers) and US based LT1, Inc (the acquirer), where the members of promoter and promoter group have agreed to sell 86,98,885 shares to the acquirers, and further, approved allotment of equity shares by way of preferential issue of 57,24,907 shares,
at an issue price of Rs. 134.50 per share, Subject to approval from shareholders.
LT1, Inc (the acquirer), along with Lilokoi Technologies, Inc (PAC-1), Lilikoi Holdings, Inc (PAC-2) and Sanjay Chandrakant Patel (PAC-3) have tendered an open offer for acquisition of up to 71,82,480 fully paid-up equity shares, representing the entire public shareholding constituting 25.78% of emerging voting capital of Dev Information Technology Ltd. The open offer is made at a price of Rs. 134.50 per share.
Last month, the Board of Directors recommended the final Dividend @5%, which it has been consecutively doing since last 4 years.
Earlier, it secured an order from Gujarat Informatics Limited from the ‘Department of Science and Technology Gujarat’ for Relational Database Management System Software (RDBMS) platform used in the digital portal for providing various services. The order is worth approx. Rs 34 crore and will be executed in 2 months.
Dev Information Technology Limited is a publicly listed company that provides end-to-end software solutions using Cloud, Automation, and Data Technologies. The company was founded in 1997 with a small-scale setup mainly engaged in business automation software development. Today, Dev Information Technology Limited works together with its clients across the globe to empower their business with the right mix of information technology, innovation and digital transformation. The company is trusted today as one of the leading IT enabled services-provider, having a remarkable track record of consistently delivering workable and robust solutions. The company continues to innovate and remains committed to quality.