Tejas Networks acquires 62.65% stake in Saankhya Labs at Rs276.24 crore; Stock down 1%

6 Jul 2022 , 01:46 PM

Tejas Networks Limited had earlier announced to the exchanges regarding execution of the share purchase agreement with Saankhya Labs Private Limited for the acquisition of 62,51,496 equity shares, in one or more tranches, which would result in the Company holding 64.40% of the equity share capital of Saankhya, on a fully diluted basis and also the shareholders’ agreement (“SHA”) with the continuing shareholders of Saankhya.

Accordingly, the Company as of July 4, 2022 has acquired 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, on a fully diluted basis for a consideration of Rs276.24 crore.

Consequent to the said acquisition, Saankhya has become a subsidiary of the Company. The Company is in process of acquiring the balance 1,69,550 equity shares in due course of time, said Tejas Networks in a regulatory filing.

At around 1:49 PM, Tejas Networks was trading at Rs442.10 per share down by Rs7.55 or 1.68% from its previous closing of Rs449.65 per share on the BSE.