Mphasis has acquired the remaining 49% shareholding in Mrald Limited, UK, through its wholly owned subsidiary Mphasis Consulting Limited. The stake was purchased from joint venture partner Ardonagh Services Limited.
Following the transaction, Mrald Limited has become a wholly owned subsidiary of Mphasis Consulting Limited and a step-down wholly owned subsidiary of Mphasis. The acquisition was disclosed pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Mrald Limited, UK, is engaged in providing operational support and transformation services to insurance intermediaries and reinsurers. Its services include client administration, payment processing, claims processing, procurement, data management and storage, software management, and network and security solutions. The company operates within the information technology solutions and services industry.
The acquisition was completed through a cash consideration at face value. Mphasis Consulting Limited acquired 49 ordinary Class B shares of £1 each, representing 49% of the share capital of Mrald Limited. With this purchase, its shareholding increased from 51% to 100%.
Mphasis stated that the transaction is not a related party transaction and that the promoter or promoter group does not have any interest in the entity acquired. No governmental or regulatory approvals were required, and the acquisition was completed immediately.
The purchase follows the exercise of a call option provided under the joint venture agreement entered into in December 2021. Mphasis clarified that it already had operating control and 100% beneficial interest in the venture, and therefore the acquisition is not expected to change the economic model. Ardonagh Services Limited will continue as a customer, and all existing agreements between the parties remain unchanged.
Mrald Limited and its subsidiaries reported a consolidated turnover of Rs. 83.99 crore in FY25, compared with Rs. 53.64 crore in FY24 and Rs. 16.76 crore in FY23.