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

IRIS Business Services has announced a board meeting on July 2, 2025. The company will acquire the remaining 48.99% stake in its subsidiary IRIS Logix for Rs. 0.50 Cr (with a potential deferred payment of Rs. 4.40 Cr) to make it a wholly owned subsidiary. Following this, IRIS will transfer its GST Application Service Provider (ASP) business to IRIS Logix for Rs. 140.57 Cr. Subsequently, IRIS will divest its entire stake in IRIS Logix to Sovos Compliance Limited for Rs. 10.67 Cr. The deal aims to consolidate GST ASP services under one entity and leverage Sovos’ global tax compliance expertise.