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The board of Softsol India has taken on record the proposal of purchase of entire common stock of Softsol Technologies Inc (STI), Fremont, California, by its wholly owned subsidiary Softsol Resources Inc (SRI), US, at a price not exceeding $200,000 from its free reserves. Softsol Resources’ board said that the business and operating models of STI and SRI are similar, with both centering their core offerings around IT services, including professional IT consulting, support, maintenance and project initiatives. The proposal is expected step up revenues and profitability of both companies. The proposal will be executed over several months and be effective April 1, 2020. Shares of Softsol slumped 4.82 per cent to ₹27.65 on the BSE.
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