Creative Newtech to Acquire Zicom SaaS for ₹50.5 Cr

Creative Newtech Limited announced its Board of Directors has approved the acquisition of Zicom SaaS Private Limited for an aggregate consideration of approximately ₹50.50 crore (Enterprise Value). The consideration includes ₹25.50 crore via share swap through a preferential allotment of 2,25,000 equity shares and ₹25.00 crore in cash. Upon completion, Zicom SaaS will become a wholly-owned subsidiary. The Board also approved the incorporation of a subsidiary in Singapore to streamline international procurement and supply chain operations. A draft notice for an Extraordinary General Meeting was also approved to seek shareholder approval for the preferential issue related to the acquisition.