Shares of Tejas Networks were locked at 5 per cent upper circuit at Rs 424.90 on the BSE in Thursday’s trade after the company said it has signed definitive agreement to acquire 64.4 per cent stake in Saankhya Labs Private Ltd for Rs 283.94 crore in cash. Saankhya is a premier wireless communication and semiconductor solutions company based out of Bengaluru.
A combined around 90,000 shares have changed hands and there are pending buy orders for 260,000 shares on the NSE and BSE. The stock had hit a 52-week high of Rs 570.20 on October 5, 2021. In the past six months, it has declined 14 per cent, as compared to 1 per cent fall in the S&P BSE Sensex.
"The acquisition is upon procuring all necessary consents and approvals. Tejas Networks also intends to proceed with acquiring the balance 35.6 per cent through a merger process or a secondary acquisition. The initial acquisition of Saankhya shares is expected to close within the next 90 days," the company said.
It added: The acquisition of Saankhya will enhance the Company's wireless offerings by adding 5G ORAN, 5G cellular broadcast and satellite communication products to its product portfolio. It will add to the company’s customer base in India and international markets. The acquisition will enhance our IPR portfolio with 73 patents (41 granted and 32 filed) along with hardware and software design. It will bring in-house, fabless semiconductor chip design expertise for specialized applications.
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