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3i Infotech Limited ( (IN:3IINFOLTD) ) just unveiled an announcement.
3i Infotech Limited has announced that its subsidiary, 3i Infotech Saudi Arabia LLC, will initiate bankruptcy proceedings due to cash flow issues and the inability to meet tax payment obligations under the Zakat, Tax and Customs Authority’s Amnesty Scheme. This decision follows the realization that voluntary liquidation is not feasible under Saudi laws, and the subsidiary is not considered material to the parent company’s overall operations.
More about 3i Infotech Limited
3i Infotech Limited operates in the information technology sector, providing software solutions and IT services. The company focuses on delivering a range of IT services to various industries, enhancing operational efficiencies and business processes.
Average Trading Volume: 79,850
Technical Sentiment Signal: Sell
Current Market Cap: 3.82B INR
Learn more about 3IINFOLTD stock on TipRanks’ Stock Analysis page.