Aurionpro Solutions share was locked in a 5 percent upper circuit on November 26 after the company announced the plan to acquire a majority stake in Toshi Automatic Systems Pvt Ltd.
"Aurionpro Solutions has entered into a definitive agreement for acquisition of majority stake (51 percent) in Toshi Automatic Systems Pvt Ltd, (TASPL) a Ghaziabad, Uttar Pradesh-based company and an innovator with products and solutions in industrial, public safety, mass transit segments," the company said in a release.
Aurionpro will acquire the stake in tranches up to June 2022, through a combination of subscription and acquisition, i.e partly by subscription of fresh equity to be issued by TASPL and also by acquiring the equity stake from existing shareholders, it added.
The company will subsequently be renamed as Aurionpro Toshi Automatic Systems Pvt Ltd (ATASPL). The transaction will be funded through internal accruals.
"The acquisition of TASPL will allow Aurionpro to further consolidate its position as the only integrated player in Automatic Fare Collection (AFC) & transit solutions space in India. With a major thrust on ‘Make in India’, we see enormous benefit for the combined strength of Aurionpro & TASPL," said Paresh Zaveri, Chairman & MD, Aurionpro.
At 13.32 pm, AurionPro Solutions was quoting at Rs 228.10, up Rs 10.85, or 4.99 percent, on the BSE.
The share touched a 52-week high of Rs 248 on November 4, 2021 and a 52-week low of Rs 70.40 on December 2, 2020.