Satin Creditcare Network Ltd Subsidiary, Satin Technologies Limited, to Acquire 76.40% Stake in QTrino Labs Private Limited
Satin Creditcare Network Ltd announced that its wholly owned subsidiary, Satin Technologies Limited (STL), has signed a Share Subscription-Cum-Shareholders Agreement to acquire up to 76.40% equity shares of QTrino Labs Private Limited (QTrino) in one or more tranches. QTrino is a deep-tech cybersecurity company focused on developing cost-effective, cutting-edge, quantum-safe security solutions for businesses and governments. The acquisition is being undertaken by STL (76.40%) and Anushna Estates Private Limited (AEPL) (3.60%), a group entity of the Company, on an ‘arm’s-length’ basis. The total cost of acquisition is INR 24,98,52,600 (Indian Rupees Twenty-Four Crore Ninety Eight Lakh Fifty Two Thousand Six Hundred only) for 80.00% of the paid-up equity share capital of QTrino.
Key Highlights
- Satin Technologies Limited (STL), a wholly owned subsidiary of Satin Creditcare Network Ltd, to acquire up to 76.40% equity shares of QTrino Labs Private Limited (QTrino)
- QTrino is a deep-tech cybersecurity company focused on developing cost-effective, cutting-edge, quantum-safe security solutions
- The acquisition is being undertaken by STL and Anushna Estates Private Limited (AEPL), a group entity of the Company, on an ‘arm’s-length’ basis
- The total cost of acquisition is INR 24,98,52,600 (Indian Rupees Twenty-Four Crore Ninety Eight Lakh Fifty Two Thousand Six Hundred only) for 80.00% of the paid-up equity share capital of QTrino
- QTrino is an India-based entity, incorporated on August 09, 2023, and is engaged in the Information Technology and Cyber Security business