LTI to acquire Cuelogic Technologies for $8.4 million; stock gains 2%

The acquisition is subject to customary closing conditions which are expected to get completed within 2 to 4 weeks

Shares of Larsen & Toubro Infotech gained 2.2 per cent to Rs 4,148 apiece on the BSE in Wednesday's intra-day session after the company announced acquisition of Cuelogic Technologies Private Limited, a Pune based Digital Engineering company. At 12:28 PM, the stock was trading 1.6 per cent higher at Rs 4,222 per share as against a 0.45 per cent decline in the benchmark S&P BSE Sensex. 

"We wish to inform you that pursuant to the approval of Strategic Investment Committee at its meeting held on June 15, 2021, the Company has signed a definitive agreement to acquire Cuelogic Technologies Private Limited,