Yudiz Solutions In Focus On Incorporating Subsidiary By Acquiring 51% Stake

Yudiz Solutions, a small-cap company in the IT sector with a market cap of Rs 140 Cr is likely to be in focus this week as it has incorporated a subsidiary by acquiring a 51% stake i,e, 5100 shares of Rs. 10 each.

"In compliance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we would like to inform you that the Board of Directors of the Company at their meeting held on Friday March 01, 2024, inter alia, considered and approved the following:

1. Incorporation of Subsidiary by making strategic investment in 'Insightly Dataworks Private Limited' or 'Data Works Private Limited' or such other name as may be approved by the Registrar of Companies ("the Investee Company") by acquiring and/or subscribing to the membership interest, equivalent to 51% or more of the Investee Company.

2. Appointment of M/s. Parth P Shah & Associates as Secretarial Auditor for the Financial Year 2023-24," said Yudiz Solutions in a stock exchange filing on Friday.

The proposed company will become a subsidiary of Yudiz Solutions Limited, it is a related party of the company. The objective of the acquisition is to strengthen, leverage and get market access through Insightly Dataworks Private Limited or 'Data Works Private Limited's network and existing business.

According to Yudiz Solutions, the proposed company will be incorporated in India with the object of carrying on the business of digital media marketing, advertising and publicity agents etc and the date of incorporation will be intimated to the stock exchange.

Yudiz Solutions Limited was established in 2012 and specialises in offering IT solutions and consultancy services. On Saturday, the stock closed at Rs 135.85 per share on the NSE.