IT firm Wipro sells entire stake in Denim Group for $22.4 million

IT company Wipro on Wednesday said it has sold its entire stake in Denim Group for a consideration of USD 22.42 million (about Rs 160 crore).

In March 2018, Wipro acquired a 33.33 per cent stake in Denim Group Ltd and Denim Group Management, LLC, an independent application security firm, for a consideration of USD 8.83 million, Wipro said in a regulatory filing.

"As part of the recently announced acquisition of Denim Group by Coalfire, Wipro has sold its entire stake in Denim Group for a consideration of USD 22.42 million," the filing said.

Consequent to the sale, Wipro does not hold any stake in Denim Group, it added.

In another filing, Wipro informed about a minority strategic investment in US-based IT incident response company Squadcast for USD 1.2 million. This entails a minority stake of less than 20 per cent on a fully diluted basis.

The transaction is expected to be completed during the quarter ending June 30, 2021.