IT agency Wipro sells total stake in Denim Group for $22.4 million

IT agency Wipro sells total stake in Denim Group for $22.4 million



IT firm Wipro on Wednesday stated it has bought its total stake in Denim Group for a consideration of USD 22.42 million (about Rs 160 crore).


In March 2018, Wipro acquired a 33.33 per cent stake in Denim Group Ltd and Denim Group Administration, LLC, an unbiased utility safety agency, for a consideration of USD 8.83 million, Wipro stated in a regulatory submitting.





“As a part of the just lately introduced acquisition of Denim Group by Coalfire, Wipro has bought its total stake in Denim Group for a consideration of USD 22.42 million,” the submitting stated.


Consequent to the sale, Wipro doesn’t maintain any stake in Denim Group, it added.


In one other submitting, Wipro knowledgeable a few minority strategic funding in US-based IT incident response firm Squadcast for USD 1.2 million. This entails a minority stake of lower than 20 per cent on a completely diluted foundation.


The transaction is anticipated to be accomplished throughout the quarter ending June 30, 2021.

(Solely the headline and film of this report could have been reworked by the Enterprise Normal employees; the remainder of the content material is auto-generated from a syndicated feed.)

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