Tejas Networks has bought the residual 0.97% stake to acquire its targeted 64.40% holding in Saankhya Labs.
“Tejas Networks has acquired the remaining balance of 93,571 equity shares of Saankhya Labs at Rs 454.19 per share, amounting to a consideration of Rs 4.25 crore through secondary purchase,” the Tata group telecom gear maker said in an exchange filing Friday.
The company added that with this balance acquisition, Tejas had acquired the entire 62,51,496 equity shares — as agreed in the share purchase pact with Saankhya, dated March 30, 2022 — at Rs 454.19 a share for a consideration of Rs 283.94 crore, which works out to 64.40% of the equity share capital of Saankhya, on a fully diluted basis.
Tejas shares closed 1.32% higher at Rs 488.50 on BSE Friday. The filing happened after market hours.
On July 21, the Tata group company had said it was in the process of buying the balance of 93,571 equity shares in Saankhya at Rs 454.19 a piece.
Back in March, Tejas had announced plans to buy a 64.40% stake in Saankhya for Rs 283.94 crore in an all-cash deal.
The acquisition is slated to boost Tejas’s wireless offerings by adding 5G ORAN, 5G cellular broadcast and satellite communication products to its product portfolio besides adding to its customer base in India and global markets.
Tejas also reportedly hopes to reinforce its IPR portfolio with 73 patents (41 granted and 32 filed) along with hardware and software design. The acquisition also gives the company access to in-house, fabless semiconductor chip design expertise for specialised applications.
