IRIS Business Services Ltd Completes 5% Equity Sale in IRIS Logix Solutions Private Limited

IRIS Business Services Ltd has completed the sale and transfer of 5% of its equity shareholding in IRIS Logix Solutions Private Limited to Sovos Compliance Limited, United Kingdom. This transaction is part of the sequence of steps previously disclosed for divestment of the Company’s GST ASP Services Business in favour of IRIS Logix and associated stake in IRIS Logix in favour of Sovos. The transaction was preceded by the acquisition of 48.99% stake in IRIS Logix from Logistics Fund India LLP, the minority JV partner. The transaction was carried out in terms of the definitive agreements approved by the Board of Directors of the Company.