Tejas Networks rose 5% as it acquired 64% of Saankhya Labs

Tejas Networks shares closed at 5 per cent in the upper circle at Rs 424.90 on Bahrain Bourse on Thursday after the company said it had signed a definitive agreement to acquire a 64.4 percent stake in Saankhya Labs Private Ltd for Rs 283.94 crore in cash. Saankhya is a leading wireless communications and semiconductor solutions company based in Bengaluru.

Nearly 90,000 shares have been traded and there are pending buy orders for 260,000 shares on the NSE and BSE exchanges. The stock had hit a 52-week high of Rs 570.20 on October 5, 2021. In the past six months, it is down 14 per cent, compared to a 1 per cent drop in the S&P C Sensex.

“The acquisition will take place when all necessary approvals and approvals have been obtained. Tejas Networks also intends to move forward with the remaining 35.6 percent balance through a merger or secondary acquisition. The initial acquisition of Saankhya shares is expected to close within the next 90 days,” The company said.

She added, “The acquisition of Saankhya will enhance the company’s wireless offering by adding 5G ORAN and 5G products for cellular broadcasting and satellite communications to its product portfolio.” It will add to the company’s client base in India and international markets. The acquisition will enhance our intellectual property rights portfolio with 73 patents (41 granted and 32 applicants) along with hardware and software design. You will bring experience designing in-house semiconductor chips for specialized applications.

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