Bengaluru, July 3 -- The Shares of a global RegTech firm hit the 5% upper circuit on July 3 after it announced a Rs 151.24 crore deal to sell its GST ASP business and full stake in a subsidiary to UK-based Sovos Compliance.

With a market capitalization of Rs 720 crore on Thursday, shares of IRIS Business Services Ltd hit 5% upper circuit to Rs 350.80 per share, up from the previous close of Rs 334.10 per share.

IRIS Business Services Ltd, in an exchange filing, announced it will sell its GST Application Service Provider (ASP) business along with its 100% stake in subsidiary IRIS Logix Solutions to UK-based Sovos Compliance for Rs 151.24 crore. The deal includes the transfer of related products, clients, and employees.

The move is part ...