This IT firm just sold its software products biz for value more than its m-cap

NEW DELHI: Shares of IT firm 3i Infotech hit their 5 per cent upper circuit limit in Tuesday’s trade after the company said it has entered into definitive agreements to sell its software products business to the funds advised by Apax Partners for Rs 1,000 crore.

After rising 5 per cent to Rs 5.91 on Tuesday, the stock commanded a total market value of Rs 955.44 crore. This included the market valuation of both of its business segments: Services and Software Products.

The software products business will be acquired by a newly formed company named Azentio Software, wholly-owned by the Apax Funds, a statement said. The transaction, subject to shareholder approval and relevant regulatory approvals, is expected to close in early 2021, it added.