Iris Business Services Limited — Others, 04-07-2025: Shareholders meeting

IRIS Business Services Limited has announced a board meeting on July 26, 2025, to seek shareholder approval for a related party transaction involving the transfer of its GST ASP Services Business to its subsidiary, IRIS Logix Solutions Private Limited, for Rs. 140.57 crore. This transaction forms part of a broader deal where IRIS plans to acquire additional stake in IRIS Logix, sell a part of it to Sovos Compliance Limited (UK), and eventually transfer the entire stake in IRIS Logix to Sovos for a total consideration of Rs. 151.24 crore. The transfer includes all related assets, liabilities, employees, contracts, and intellectual property on a slump sale basis. The Company views this move as a strategic step to focus on core growth areas like Suptech and Regtech while realizing an attractive valuation for the GST ASP business. The transaction exceeds 110% of IRIS’s consolidated turnover for FY25, making it material and requiring member approval. Promoters and related parties will abstain from voting.