The global information technology firm, 3i Infotech has concluded the slump sale of the global software products business of the Company on a going concern basis to Azentio Software and its affiliates, buyers. This includes the company’s worldwide subsidiaries other than the sale of such business of its subsidiaries in Saudi Arabia and Thailand. The sale completion that is to occur separately subjected to regulatory approvals. Pursuant to inter alia the business transfer agreement that is been dated December 28, 2020 and is implemented between the Company and the Buyer.

Furthermore, the company intends to utilize the sale proceeds for certain purposes such as the first one is reimbursement of outstanding facilities of lenders of the Company that include lenders forming part of the corporate debt restructuring mechanism along with certain of its subsidiaries on such terms and conditions as may be agreed.

Secondly, the recovery of outstanding foreign currency convertible bonds that are subject to receipt of necessary regulatory approvals; and lastly, redemption of outstanding preference shares on such terms as may be agreed between the preference shareholders and the Company in line with the applicable law.