DRC Systems India shines on getting nod to acquire 23.34% stake in Nextenders

DRC Systems India is currently trading at Rs. 28.40, up by 0.75 points or 2.71% from its previous closing of Rs. 27.65 on the BSE.

The scrip opened at Rs. 26.50 and has touched a high and low of Rs. 28.40 and Rs. 26.40 respectively. So far 1521 shares were traded on the counter.

DRC Systems India

DRC Systems India

The BSE group ‘T’ stock of face value Rs. 1 has touched a 52 week high of Rs. 46.20 on 09-May-2022 and a 52 week low of Rs. 24.00 on 30-Sep-2022.

Last one week high and low of the scrip stood at Rs. 28.90 and Rs. 26.30 respectively. The current market cap of the company is Rs. 108.04 crore.

The promoters holding in the company stood at 25.63%, while Institutions and Non-Institutions held 1.39% and 72.97% respectively.

DRC Systems India has received an approval to acquire 23.34% stake in Nextenders (India). Post acquisition, Nextenders would become an Associate Company.

Nextenders is engaged in the business of Electronic Procurement Software Systems, Solutions & Related Services. Nextenders has strong presence in India, Africa, Philippines and Mauritius in public sector.

Till date, Nextenders has processed over 625,000 transactions through their softwares worth over $15 Billion. Nextenders has patented its systems in countries including India, UK and USA.

DRC is seeing business opportunity through these presences to package product and software services. Aggregate cost of acquisition not exceeding Rs 1.75 crore.

The Board of Directors at its meeting held on October 14, 2022 has considered and approved the same.

DRC Systems India is a software development organization and deliver state-of-the-art IT business solutions to its clients across the globe. It combines technical expertise and business acumen to deliver great results.

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