63 Moons Technologies completes sale of 55.35% stake in subsidiary - ATOM

63 Moons Technologies announced that the company has completed all the stipulations, applicable before closing, given in NCLAT order dated 22 July 2019 for the sale of its 55.35% stake in ATOM, a subsidiary of the Company, for an aggregate consideration of USD 9.24 million to NTT Data Corporation, Japan.

Further, as per the terms of the Share Purchase Agreement dated 27 November 2018, 63 moons received a sum of US$ 8.83 million and USD 0.41 million has been deposited in the Escrow account. The funds received by 63 moons shall be utilised in the manner and for the purpose as stated in the NCLAT order.

We would like to emphasise that the stake sale has been completed by strictly adhering to the NCLAT stipulations and as per the best international practices. Post all closing activities, 63 Moons shall continue to hold -36% stake as agreed and will have one-third representation on the Board of ATOM to contribute in the future growth prospects and business strategy of ATOM.

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