3i Infotech sells its global software products business to Azentio Software

3i Infotech sells its global software products business to Azentio Software

Apr 01, 2021 10:04 IST capital market

3i Infotech has completed the slump sale of the global software products business of the Company (including its worldwide subsidiaries other than the sale of such business of its subsidiaries in Saudi Arabia and Thailand, the completion of which is to occur separately subject to regulatory approvals) on a going concern basis to Azentio Software (and its affiliates) (Buyer), pursuant to inter alia the business transfer agreement dated 28 December 2020 executed between the Company and the Buyer.

The company plans to utilize the sale proceeds for the following purposes:

(i) repayment of outstanding facilities of lenders of the Company (including lenders forming part of the corporate debt restructuring mechanism) and certain of its subsidiaries on such terms and conditions as may be agreed;

(ii) redemption of outstanding foreign currency convertible bonds subject to receipt of necessary regulatory approvals; and

(iii) redemption of outstanding preference shares on such terms as may be agreed between the preference shareholders and the Company and as per applicable law.

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