Tejas Networks<\/a> Tuesday said it has acquired 62.65% stake in Saankhya Labs<\/a> for Rs 276.24 crore.
In a stock exchange filing, the Tata group<\/a> telecom equipment<\/a> maker said that it has bought \"60,81,946 equity shares through secondary purchase at a price of Rs. 454.19\/- per equity share amounting to 62.65% of the equity share capital of Saankhya<\/a>, on a fully diluted basis for a consideration of Rs. 276.24 crore.”
The company's stock rose 1.17% on Tuesday, ending the day's trade at Rs 449.65 on the BSE.
With the share buy, Saankhya is now a subsidiary of Tejas Networks. The Tata Group company added that it is in process of acquiring the balance 1.75% stake (1,69,550 equity shares) in due course of time.
Back in March this year, Tejas Networks had announced its plans to buy 64.40% stake in Saankhya Labs for Rs 283.94 crore in an all cash deal.
In March, Tejas Networks had also disclosed plans to buy the remaining 35.6% stake in the company. \"Tejas Networks, upon procuring all necessary consents and approvals, also intends to proceed with acquiring the balance 35.60% shares through a merger process or a secondary acquisition,” it had said.
The acquisition is expected to enhance Tejas Networks’ wireless offerings by adding 5G ORAN<\/a>, 5G Cellular Broadcast and Satellite communication products to its product portfolio in addition to adding to its customer base in India and international markets.
Tejas Networks also hopes to bolster its IPR portfolio with 73 patents (41 granted and 32 filed) along with hardware and software design. The acquisition also gives the company access to in-house, fabless semiconductor chip design expertise for specialized applications.
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