Axiscades Technologies touches roof on getting nod to acquire 100% stake in add solution
Axiscades Technologies is locked at its upper circuit limit of Rs. 402.65, up by 19.15 points or 4.99% from its previous closing of Rs. 383.50 on the BSE.
The scrip opened at Rs. 402.65 and has touched a high and low of Rs. 402.65 and Rs. 393.00 respectively. So far 19595 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 5 has touched a 52 week high of Rs. 410.70 on 06-Jun-2023 and a 52 week low of Rs. 108.40 on 21-Jun-2022.
Last one week high and low of the scrip stood at Rs. 402.65 and Rs. 359.00 respectively. The current market cap of the company is Rs. 1538.10 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 has received approval for 100% acquisition, in a phased manner, of add solution, GmbH, Germany, specializing in Automotive Solutions to Global OEMs. The acquisition will be carried out through AXISCADES GmbH, a wholly owned subsidiary of AXISCADES.
The proposed 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. The Board of Directors of the Company at their meeting held on June 15, 2023, approved the same.
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.
