Cambridge Technology Enterprises Limited (BSE:532801) agreed to acquire FA Software Services Private Limited for INR 200 million on January 13, 2023. For the FY 2021-22, FASSPL has a turnover of INR 170.164735 million. The acquisition of first tranche of securities (i.e., 80% of voting rights) of FASSPL is expected to be completed prior to end of fourth quarter of financial year 2022-23.

The target date for completion of acquisition of remaining securities of FASSPL in various tranches is on or before March 31, 2027 and is subject to the completion of several conditions precedents and preclosing covenants by FASSPL and its Shareholders. As on March 20, 2023, Cambridge Technology completed acquisition of first tranche of securities (i.e., 80% of voting rights) of FASSPL for INR 103.14125 million, of which INR 102.54125 million is paid to clear liabilities of FASSPL and INR 0.6 million paid to to existing Shareholders of FASSPL.