Ybrant Digital, an Online marketing company, and LGS Global, a BSE listed technology and outsourcing services provider have proposed a merger, with a share exchange ratio of six equity shares of LGS for each equity share of Ybrant, of face value of Rs. 10 each. At the time of filing this report, LGS shares are priced at Rs 53.15, up 3.61% (Rs 1.85); the company has a market cap of Rs 134 crore, and a free float (public shareholding) worth Rs 60 crore. The post merger, current Ybrant CEO Suresh Reddy will be CEO and Chairman of the merged entity, and LGD Managing Director Subba Rao Karusula as the Business Head of the LGS Division of Ybrant. The proposed merged entity will be named Ybrant Digital Limited. The merger is subject to regulatory approvals from Indian stock exchanges and the high court of Andhra Pradesh. Given that the company has raised a substantial amount of funding -$48 million earlier this year, and claims that it has raised $100 million in total, Rs 134 crore appears to be affordable. Ybrant’s shareholders include premium institutional investors like Oak Investment Partners, GE Asia Pacific Capital among others. Following the acquisition, Ybrant claims, the combined entity will have operations in more than 20 countries with over 1200 employees. Our Take: Does The Merger Make Sense? LGS provides Enterprise Resource Planning, Customer Relationship Management, Application Services, (including mobile applications), Testing Services, Enterprise Application Integration, E-commerce, Infrastructure Management Services, e-Learning, Identification Solutions and Strategic Transformational Services. Ybrant, on…
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