Mindpool Technologies Limited (NSEI:MINDPOOL) agreed to acquire Satincorp Technologies Inc. from Manoj Narottam Joshi, Priyanka M Joshi, Shantanu Joshi and Abhinav Joshi for approximately INR 640 million on August 19, 2023. Under the terms of the transaction, Mindpool Technologies would issue 7.6 million shares for the 100 shares outstanding of Satincorp. Upon completion of the deal, sellers Priyanka M Joshi, Shantanu Joshi and Abhinav Joshi will own 1.9 million shares each. Satincorp has reported revenue of CAD 3.1 million (INR 189.57 million) for the financial year 2022. Transaction is subject to regulatory approval and shareholder approval. The Board of Mindpool Technologies approved the deal. The acquisition is expected to be completed in the next 3 to 6 months from the current date.

Mindpool Technologies Limited (NSEI:MINDPOOL) cancelled the acquisition of Satincorp Technologies Inc. from Manoj Narottam Joshi, Priyanka M Joshi, Shantanu Joshi and Abhinav Joshi on May 28, 2024. Due to certain pre-conditions and circumstances beyond the control of the Company, the Board has decided to cancel both the proposals, i.e.: (i) Cancellation of proposition to acquire Satincorp Technologies Inc., and (ii) Cancellation of the issue of 76,00,000 Equity Shares on preferential basis. Satincorp Technologies Inc' shareholders expressed their view that they do not want to go ahead with the transactions due to the following reasons: (a) A period of more than 6 months from the date of the initiation of these transactions had already elapsed, which was beyond the time period they had estimated. The financial standing and the valuation of both the Companies has altered during this period. (b) Where the Company issues bonus shares prior to the Acquisition transaction, the Allottees will have to undergo open offer obligation twice, i.e. once for preferential issue as their shareholding would exceed 26% however would be less than 50%. Then again for reclassification as promoters of the Company. (c) As a result, the cost for meeting the open offer obligations would also be twice than the estimated cost, leading to a liquidity issue inducing non-compliance.