DRC Systems lists on bourses

Our Bureau Ahmedabad | Updated on March 10, 2021

The company is a demerged IT consultancy arm of Infibeam Avenues

IT solutions and consultancy services provider DRC Systems India Ltd has received the approval from stock exchanges BSE and NSE for listing and trading its equity shares with effect from March 10, 2021, on both the stock exchanges.

The company informed that it received the notice on March 8, 2021.

The shares were listed in the T Group of BSE with a price of ₹128.75 in Wednesday’s opening trades.

DRC Systems offers customised IT solution and consultancy services to clients from the embryonic stage to the implementation stage. The services include development, maintenance, testing and all related ancillary services.

Its clients include Wipro Foundation, Indian Institute of Management - Bangalore, Airports Authority of India, Gujarat Metro Rail Corporation, King Khalid University, Ministry of Health and Family Welfare, Favre-Leuba and IIK, HongKong-based Allways, a company statement said.

The company’s customer base is spread across geographies and majorly in Europe, the US, West Asia and Asia, it added.

Notably, pursuant to the approval of Composite Scheme of Arrangement from The National Company Law Tribunal, Ahmedabad Bench vide its order dated November 27, 2020, Infibeam Avenues Ltd demerged its Theme Park & Event business to DRC Systems.

As consideration under the provision of the Scheme of Arrangement for the transfer and vesting of the Themepark & Event Software Undertaking, DRC Systems issued and allotted to each shareholder of Infibeam Avenues Ltd, in ratio of one equity share of ₹10 each of DRC credited as fully paid-up for every 412 equity shares of ₹1 each held by such shareholder in Infibeam Avenues Ltd.

The board of Infibeam had recommended demerger in 2019 and had received nod from stock exchanges to seek approval from NCLT in July 2020.

Published on March 10, 2021

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