eMudhra Limited announced that its wholly owned subsidiary eMudhra Inc has merged with step-down subsidiary Sendrcrypt Technologies Inc. The merger, approved by the State of Delaware on September 10, 2024, consolidates the company’s US operations.
The transaction involves eMudhra Inc as the transferee company and Sendrcrypt Technologies Inc as the transferor. Both entities are engaged in providing technology services and solutions. For the fiscal year ending March 31, 2024, eMudhra Inc reported revenue of $16.14 million, while Sendrcrypt Technologies Inc posted $0.5 million.
eMudhra Limited shares were trading at ₹857.85, down by ₹17.55 or 2 per cent, on the NSE at 1.05 pm.
According to the company, the merger aims to streamline business operations, reduce administrative and operating costs, and improve resource efficiency. As both entities were wholly owned subsidiaries of eMudhra Limited, the transaction does not involve any cash consideration or changes to eMudhra’s shareholding pattern.
This merger follows eMudhra’s acquisition of Sendrcrypt Technologies Inc on August 13, 2024. The consolidation is expected to enhance the company’s presence in the US market.