Axiscades Technologies rises as its arm acquires 94% stake in add solution GmbH
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Axiscades Technologies is currently trading at Rs. 568.00, up by 1.90 points or 0.34% from its previous closing of Rs. 566.10 on the BSE.
The scrip opened at Rs. 575.00 and has touched a high and low of Rs. 576.50 and Rs. 556.00 respectively. So far 3044 shares were traded on the counter.
The BSE group 'T' stock of face value Rs. 5 has touched a 52 week high of Rs. 602.00 on 17-Aug-2023 and a 52 week low of Rs. 128.10 on 29-Aug-2022.
Last one week high and low of the scrip stood at Rs. 602.00 and Rs. 523.10 respectively. The current market cap of the company is Rs. 2158.01 crore.
The promoters holding in the company stood at 66.18%, while Institutions and Non-Institutions held 0.08% and 33.74% respectively.
Axiscades Technologies’ wholly owned subsidiary -- Axiscades GmbH has acquired 94% stake in add solution GmbH on August 17, 2023, upon payment of Phase I consideration of Euro 5 Million, in accordance with the Definitive Agreements. Subsequently, add solution GmbH has become a subsidiary of Axiscades GmbH and a step-down subsidiary of the company.
The acquisition will provide a strategic foothold to Axiscades in the Automotive space, besides opportunity for firm contracts with marquee automotive OEMs. This will lead to significant offshoring opportunities and enhanced business for Axiscades in the automotive space, both in India and globally.
Axiscades Technologies is a holistic technology and engineering solutions provider, with a footprint across the entire product lifecycle management needs of global OEMs and core engineering firms.
