IT firm Wipro sells entire stake in Denim Group for $22.4 million

IT company Wipro on Wednesday said it has sold its entire 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 Management, LLC, an independent application security firm, for a consideration of USD 8.83 million, Wipro said in a regulatory filing.

“As part of the recently announced acquisition of Denim Group by Coalfire, Wipro has sold its entire stake in Denim Group for a consideration of USD 22.42 million,” the filing said.

Consequent to the sale, Wipro does not hold any stake in Denim Group, it added.

In another filing, Wipro informed about a minority strategic investment in US-based IT incident response company Squadcast for USD 1.2 million. This entails a minority stake of less than 20 per cent on a fully diluted basis.

The transaction is expected to be completed during the quarter ending June 30, 2021.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor