Moneycontrol
Last Updated : Aug 21, 2018 09:48 AM IST | Source: Moneycontrol.com

Tanla Solutions locked at 5% upper circuit on 100% stake acquisition in Karix Mobile

The closing of the transaction is expected to take place approximately within 45 working/ business days.

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Shares of Tanla Solutions locked at 5 percent upper circuit as company acquired 100 percent stake in Karix Mobile for Rs 340 crore.

The company has entered into a definitive agreement on August 20, 2018, to acquire 100 percent of Karix Mobile (formerly known as mGage India)

There were pending buy orders of 311,042 shares, with no sellers available.

The proposed acquisition is not a related party transaction and promoter and/ or the promoter group have no interest in the entity that is being acquired.

The closing of the transaction is expected to take place approximately within 45 working/ business days.

The consideration for acquisition of Karix will be paid partly in cash and partly by way of issuing equity shares of Tanla Solutions to the existing shareholder of Karix.

At 09:40 hrs Tanla Solutions was quoting at Rs 42.60, up Rs 2, or 4.93 percent on the BSE.

Posted by Rakesh Patil
First Published on Aug 21, 2018 09:47 am
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