Intellect Design Arena shares gained more than 2% in today’s trade after the company announced that its UK subsidiary, Intellect Design Arena Limited, UK, has approved a Memorandum of Understanding (MoU) with UK-based ITIXA Limited, part of System Holdings Group, to set up a joint venture. As of 11:29 AM, the shares were trading 1.30% higher at Rs 973.20.
The proposed joint venture will be incorporated at GIFT City, IFSC, Gujarat, and will focus on offering AI-driven software solutions along with business support services such as bookkeeping, accounting, payroll, and HR to enterprises in the United Kingdom. The partnership will also serve accounting firms, regulators, software providers, and their clients. Over time, the JV may expand its service offerings and explore new geographies.
As per the agreed structure, Intellect Design Arena UK will hold a 50.1% majority stake, while ITIXA will own 49.9%, with both sides having equal representation on the Board of Directors. The company clarified that the deal does not involve promoters or group entities and is not a related-party transaction.
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