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The stock of 3i Infotech’s software products business hit a 52-week high at ₹5.91 on the BSE after the IT services company said that its board has approved the slump sale of its global software products business to private equity firm Apax Partners for ₹1,000 crore. The software products business will be acquired by a newly formed company named Azentio Software, wholly owned by Apax. The sale of the business will help 3i Infotech to facilitate repayment of all existing debt exposure of the company, scale-up other existing business segments. The stock had hit its 52-week low of ₹1.15 in April.
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