Kaynes Technology India has entered into share purchase agreement (SPA) to acquire 100% stake in Iskraemeco India for total consideration of Rs 42 crore.
Iskraemeco India is engaged in the business supply, installation, operations and maintenance of smart meters in India. The company's turnover was Rs 65.42 crore for the financial year ending 31 March 2024.The main purpose of the acquisition is to increase the companys product line and service offerings to its customers.
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The company will acquire 100% stake from Iskraemeco Holding Switzerland A.G. and Iskraemeco Merjenje IN Upravljanje Energije, D.D.
Under the terms of the agreement, the company will acquire 4,29,85,975 equity shares at a price of Rs 10 each, amounting to a total sale consideration of Rs 42.98 crore . The acquisition is set to be completed within 30 days from the execution of the SPA.
Kaynes Technology India (KTI) is an end-to-end and Internet of Things (IoT) solutions enabled integrated electronics manufacturing player, having capabilities across the entire spectrum of electronics system design and manufacturing (ESDM) services.
The companys consolidated net profit surged to Rs 50.77 crore in Q1 FY25 as compared with Rs 24.64 crore posted in Q1 FY24. Revenue from operations jumped 69.59% YoY to Rs 503.97 crore in Q1 FY25.
The scrip slipped 1.07% to Rs 5,496.10 on the BSE.
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