Octaware Technologies Ltd — Important, 01-01-1970: Company Update

Walking Tree Technologies announced an open offer to acquire up to 9.34 lakh (26.02%) equity shares of Octaware Technologies at ₹30 per share, following a prior acquisition of 34.76% from a promoter. This move aims for joint control to revive and grow Octaware in the IT sector. The offer consideration totals ₹2.80 Cr, funded internally. Post-offer, Walking Tree and its UBOs will become joint promoters. Octaware, an IT solutions provider, reported a loss of 0.05 Cr on 7.07 Cr income for the recent half-year, with a net worth of 13.30 Cr. Walking Tree's recent quarter saw 0.44 Cr profit on 11.85 Cr revenue. Public shareholding may fall below 25%, which the acquirer commits to restore.