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Wipro sells entire stake in Denim Group for Rs 160 crore

As part of the recently announced acquisition of Denim Group by Coalfire, Wipro has sold its entire stake in Denim Group for a consideration of $22.42 million, Wipro said in a regulatory filing

IT company Wipro on Wednesday said it has sold its entire stake in Denim Group for a consideration of $22.42 million (about Rs 160 crore).

In March 2018, Wipro acquired a 33.33 per cent stake in Denim Group Ltd and Denim Group Management, LLC, an independent application security firm, for a consideration of $8.83 million, Wipro said in a regulatory filing.

"As part of the recently announced acquisition of Denim Group by Coalfire, Wipro has sold its entire stake in Denim Group for a consideration of $22.42 million," the filing said.

Consequent to the sale, Wipro does not hold any stake in Denim Group, it added.

In another filing, Wipro informed about a minority strategic investment in US-based IT incident response company Squadcast for $1.2 million. This entails a minority stake of less than 20 per cent on a fully diluted basis.

The transaction is expected to be completed during the quarter ending June 30, 2021.

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