Iris Business Services Limited — Board Meeting, 02-07-2025: Outcome of Board Meeting

IRIS Business Services has announced a board meeting approving a strategic restructuring of its GST Application Service Provider (ASP) business. The company will acquire the remaining 48.99% stake in subsidiary IRIS Logix for Rs 0.50 Cr plus contingent deferred consideration, making it a wholly owned subsidiary. The GST ASP business will be transferred to IRIS Logix via slump sale for Rs 140.57 Cr, with IRIS holding 95% post-transfer and Sovos Compliance Limited taking 5%. Subsequently, IRIS plans to divest its entire stake in IRIS Logix to Sovos for Rs 10.67 Cr (subject to adjustments). The transaction is expected to complete by October 2025, enabling IRIS to focus on high-growth Suptech and Regtech areas while monetizing its GST ASP business at an attractive valuation.