Virinchi Ltd Board Meeting: Slump Sale of SaaS Business to NewCo and IPO Plans

In a recent board meeting, Virinchi Ltd approved the transfer of its SaaS (Software as a Service) business to a newly incorporated wholly owned subsidiary, NewCo, through a slump sale. The decision aims to unlock shareholder value and enable focused growth for the SaaS business, with plans for an IPO immediately after the transfer. The board appointed advisors and valuers to assist in the process and help with tax matters and net asset value determination. The IPO is expected to be undertaken through a combination of offer-for-sale by Virinchi Limited and a fresh issue by NewCo, with M/s. Arihant Capital Markets Limited serving as the Advisor/ Lead Manager/ Merchant Bankers for the proposed IPO and pre-IPO placement activities.