Dev Information Technology Limited Approves Sale of Products and Business
Dev Information Technology Limited announced that its Board of Directors approved the sale/transfer of the company's products along with its business as a going concern on a slump exchange to Byte Technosys Private Limited, an associate company, effective March 31, 2026. The consideration for the transaction is Rs. 11.90 Crores.The decision, based on a recommendation from the Audit Committee, was made in accordance with Section 188 of the Companies Act, 2013. The consideration was determined based on an independent valuation conducted by a registered valuer.
Byte Technosys Private Limited specializes in IT infrastructure management services, software development, and IT consultancy.
The closing of the transaction, including the receipt of the purchase consideration, is expected to be completed on or before September 30, 2026.
Details Regarding the Transaction
| Particulars of Disclosure | Disclosure |
|---|---|
| Revenue and Net Worth Contribution | Revenue from the products for FY 2024-25 was Rs. 3.97 lakhs, representing 0.021% of the consolidated revenue. The net worth of ByteSIGNER and Talligence for the year ended March 31, 2025, was approximately Rs. 8.75 crores, which constituted 12.74% of the total net worth of the Company. |
| Date of Agreement | March 31, 2026 |
| Expected Completion Date | On or before September 30, 2026 |
| Consideration | Rs. 11.90 Crores (Rupees Eleven Crore Ninety Lakh Rupees) |
| Buyer Details | The buyer is an associate company, and immediate relatives of the directors are directors in the buyer company. |
| Related Party Transaction | Yes, the transaction was conducted on an arm’s length basis. |
| Scheme of Arrangement | The sale is not pursuant to an amalgamation or merger. |
| Name of Entities Involved | Seller: Dev Information Technology Limited; Buyer: Byte Technosys Private Limited |
| Rationale for Slump Sale | The transaction aims to drive operational efficiencies, streamline go-to-market channels, and expand reach to customers. It's expected to unlock financial synergies, improve profit margins, and enhance revenue growth potential. The transfer ensures compliance and positions both entities for long-term growth. |
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