Mphasis Consulting Acquires Remaining 49% Stake in Mrald Limited
Filing Summary
Mphasis Consulting Limited, a wholly owned subsidiary of Mphasis Ltd, has acquired the remaining 49% shareholding in Mrald Limited, UK, from Ardonagh Services Limited. This acquisition transforms Mrald Limited into a wholly owned subsidiary of Mphasis Consulting Limited. The transaction was executed under Regulation 30 of the SEBI Listing Regulations. Mrald Limited, engaged in operational support and transformation services for insurance intermediaries, will continue its operations under the full ownership of Mphasis. The acquisition was completed immediately with cash consideration, and no related party transactions were involved.
Mphasis Consulting Limited, a wholly owned subsidiary of Mphasis Ltd, has acquired the remaining 49% shareholding in Mrald Limited, UK, from its joint venture partner, Ardonagh Services Limited. This acquisition results in Mrald Limited becoming a wholly owned subsidiary of Mphasis Consulting Limited and a step-down wholly owned subsidiary of Mphasis Ltd. The transaction was conducted in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The acquisition involved the purchase of 49 ordinary shares of £1 each, representing 49% of the share capital of Mrald Limited. The transaction was completed through cash consideration at face value. Prior to this acquisition, Mphasis Consulting Limited already held a 51% stake in Mrald Limited, thereby holding operating control and 100% beneficial interest. The acquisition does not constitute a related party transaction, and the promoter or promoter group of Mphasis Ltd does not have any interest in the acquired entity.
Mrald Limited is engaged in providing operational support services and transformation services for insurance intermediaries and reinsurers. The services include client administration, payment processing, claims processing, procurement, data management, storage software management, and network and security solutions. The acquisition allows Mphasis Consulting Limited to fully integrate these services under its operational framework, enhancing its capabilities in the information technology solutions and services industry.
The acquisition was executed as Mphasis Consulting Limited exercised its call option to purchase the remaining stake from Ardonagh Services Limited at the end of five years from the date of the joint venture. Mrald Limited was initially established as a shared services entity to service middle and back-office functions, applying digital transformation. The venture aimed to enhance digital insurance broking capabilities and experience, which aligns with Ardonagh’s core focus. The turnover for Mrald Limited and its subsidiaries was Rs. 84 crore in FY25, Rs. 54 crore in FY24, and Rs. 17 crore in FY23.
The acquisition was completed immediately, with no governmental or regulatory approvals required. All existing agreements with Ardonagh Services Limited remain unchanged, and Ardonagh continues to be a valued customer of Mphasis Consulting Limited.
Ardonagh Services Limited is a significant player in the insurance services sector, focusing on providing comprehensive insurance solutions. The company collaborates with various partners to enhance its service offerings and maintain its market position.
Mphasis Ltd is a leading provider of information technology solutions and services, focusing on digital transformation and operational efficiency. The company continues to expand its capabilities and market presence through strategic acquisitions and partnerships.