63 Moons Technologies shares declined nearly 4 percent intraday on Tuesday after the company sold major stake in its subsidiary to Japanese firm.
“….has executed a share purchase agreement with NTT Data Corporation, Japan, for sale of its 55.35 percent stake in Atom Technologies, a subsidiary of the company,” the technology solutions provider said.
The company sold stake for an aggregate consideration of $9.24 million. A shareholders’ agreement has also been executed between the parties in relation to the aforesaid transaction, the company said.
Atom Technologies, which started operations in 2005, is India’s leading end to end payment services owned by 63 moons technologies.
“This earmarks NTT Data foray into the rapidly expanding Indian payments market and the company aims to strengthen its business presence in the South Asian markets,” the company said.
Rajendran, MD & CEO of 63 Moons Technologies stated that 63 moons is confident that this partnership will positively benefit Atom Technologies, while it continues to remain a significant shareholder.
At 14:55 hours IST, the stock was quoting at Rs 106.90, down Rs 0.60, or 0.56 percent on the BSE.
courtsey By – https://www.moneycontrol.com/news/buzzing-stocks/63-moons-technologies-falls-4-after-major-stake-salesubsidiary-to-japanese-firm_11773481.html