Syrma SGS Technology Limited entered into agreement to acquire 51% stake in Johari Digital Healthcare Ltd. from Satyendra Johari, Nisha Johari, Pooja Johari, Reena Daga, Tejas Shah, Sasa Simic and Satyendra Johari HUF for INR 2.6 billion.

Syrma SGS Technology Limited (NSEI:SYRMA) entered into agreement to acquire 51% stake in Johari Digital Healthcare Ltd. from Satyendra Johari, Nisha Johari, Pooja Johari, Reena Daga, Tejas Shah, Sasa Simic and Satyendra Johari HUF for INR 2.6 billion on August 1, 2023. Under the terms of agreement, Syrma SGS will pay INR 2,575 million as consideration including deferred payment of INR 280 million. The sellers will retain the remaining 49% stake.

Johari Digital reported turnover of approximately INR 1.6 billion, net worth of approximately INR 1 billion, EBITDA of 580 million and net profit of approximately INR 435 million on March 31, 2023. Syrma and the Sellers have the right to nominate up to 3 directors and up to 3 directors respectively. The transaction is expected to close on September 30, 2023.

Bharat Anand, Pashupati Nath, Abhiroop De and Yashodhara Chauhan of Khaitan & Co. acted as a legal advisor for Syrma SGS Technology Limited (NSEI:SYRMA).