Tejas Networks shines on acquiring balance stake in Saankhya Labs
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Tejas Networks is currently trading at Rs. 496.70, up by 8.20 points or 1.68% from its previous closing of Rs. 488.50 on the BSE.
The scrip opened at Rs. 490.00 and has touched a high and low of Rs. 499.80 and Rs. 488.00 respectively. So far 29342 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 578.45 on 11-Apr-2022 and a 52 week low of Rs. 344.20 on 23-Aug-2021.
Last one week high and low of the scrip stood at Rs. 501.15 and Rs. 468.00 respectively. The current market cap of the company is Rs. 7403.23 crore.
The promoters holding in the company stood at 52.40%, while Institutions and Non-Institutions held 14.32% and 33.27% respectively.
Tejas Networks has acquired the remaining balance of 93,571 equity shares of Saankhya Labs at a price of Rs 454.19 per equity share amounting to consideration of Rs 4.25 crore through secondary purchase.
With the said balance acquisition of equity shares, the company has acquired the entire 62,51,496 equity shares (as agreed in the Share Purchase Agreement with Saankhya dated March 30, 2022) at a price of Rs 454.19 per equity share amounting to consideration of Rs 283.94 crore, working out to 64.40% of the equity share capital of Saankhya, on a fully diluted basis.
Tejas Networks designs, develops and sells high-performance and cost-competitive networking products to telecommunications service providers, internet service providers, utilities, defence and government entities.
