DRC Systems India lists on BSE, NSE at Rs 128.75, Rs 128.80 respectively

DRC Systems India Limited, the demerged entity of IT consultancy Infibeam Avenues, got listed on bourses on Wednesday.

The shares were listed at Rs 128.75 and Rs 128.80 on BSE and NSE respectively in opening deals.

In a statement, the company said it received approval from BSE and NSE for listing and trading of its equity shares with effect from Wednesday.

DRC Systems offers a vast range of customized IT solution and consultancy services to clients in India and International from the embryonic stage to the high-level stage. This includes development, maintenance, testing and all related ancillary services.

Pursuant to the approval of Composite 'Scheme of Arrangement' from The National Company Law Tribunal, Ahmedabad Bench through an order on November 27, 2020, Infibeam Avenues Ltd demerged its Theme Park & Event business to DRC Systems.

As consideration under the provision of the 'Scheme of Arrangement'for the transfer and vesting of the Themepark & Event Software Undertaking, DRC Systems issued and allotted to each shareholder of Infibeam Avenues in ratio of one equity share of Rs 10 each of DRC credited as fully paid-up for every 412 equity shares of Rs 1 each held by such shareholder in Infibeam Avenues.

Some of the marquee clients of DRC Systems include Wipro Foundation, Indian Institute of Management Bangalore (IIM-B), Airport Authority of India, Gujarat Metro Rail Corporation Ltd, King Khalid University, Ministry of Health and Family Welfare, Favre Leuba, IIK, HongKong based Allways.

The company's customer base is spread across geographies and majorly in Europe, USA, Middle East and Asia.