Allied Digital to acquire majority stake in Digicomp Solutions; Stock gains 7%
Allied Digital Services plans to acquire a majority stake in Bangalore-based IT solutions and maintenance company, Digicomp Solutions.
The company will buy existing equity shares of Digicomp and will also subscribe to fresh equity shares of Digicomp for Rs 20 crore.
The remaining 49% in Digicomp will be held by five partners.
Mumbai-based, Allied Digital Services Ltd. operates as an information technology (IT) infrastructure management and technical support services outsourcing company in India.
The company has reported a 133% increase in net profit at Rs 10.18 crore for the quarter to Sep. 2007. Sales increased by 158% to Rs 708.1 million.
The stock reacted positively to this news and ended the day at Rs 760 on NSE, up Rs 49, or 7% compared with previous close of Rs 711. It touched and intraday high of Rs 781 and low of 735.