CRISIL Board agrees the merger of two subsidiaries with parent company
CRISIL’S Board has approved the ‘scheme of amalgamation’ for the merger of its wholly-owned subsidiaries, CRISIL Risk and Infrastructure Solutions Ltd and Pragmatix Services Private Ltd with the company.
The agency said this amalgamation will result in benefits such as consolidation and synergies of operations, unified approach to customers, reduction in multiple entities, administrative convenience, rationalisation of administrative and compliance costs.
Since the scheme involves a merger of wholly owned subsidiaries with the parent holding company, no shares would be issued following to the merger, CRISIL said in an exchange filing. The company is engaged in the business of providing software products and services in areas of business intelligence and analytics and consulting/implementation services.
CRISIL had a total income of 992.73 crore for the year.
CRISIL Risk had a total income of 95.27 crore for the year 2021 and this company deals in the business of providing risk solutions and advisory services.
“Since CRISIL Risk and Pragmatix are wholly owned shareholding subsidiaries of CRISIL, no shares would be issued as consideration for the amalgamation. As a result, there would be no change in the shareholding pattern of CRISIL on account of the merger,” said a notice.
The scheme is subject to the necessary statutory approvals, including approval of the National Company Law Tribunal.