Iris Business Services Limited — Important, 02-07-2025: General Updates

IRIS Business Services has announced a board meeting on approval of definitive agreements to sell its GST ASP Services Business and 100% stake in subsidiary IRIS Logix Solutions to Sovos Compliance Ltd for Rs 151.24 Cr. The company will first acquire the remaining 48.99% stake in IRIS Logix for Rs 0.50 Cr, then transfer the GST ASP business to IRIS Logix for Rs 140.57 Cr, followed by selling its entire stake in IRIS Logix to Sovos for Rs 10.67 Cr (subject to adjustments). This consolidation aims to streamline GST-related services while monetizing this business segment.