Axiscades Technologies share price was locked in a 5 percent upper circuit in the early trade on June 19 after the technology firm’s approved the acquisition of a German firm.
The acquisition of add solution GmbH will be carried out through subsidiary AXISCADES GmbH with a total cost of 5.50 million euro, the company said in an exchange filing.
Add solution GmbH specialises in automotive solutions for global original equipment manufacturers (OEMs).
There were pending orders for buying 5,334 shares, with no sellers available.
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The proposed acquisition will provide a strategic foothold to AXISCADES in the automotive space, besides opportunity for firm contracts with marquee automotive OEMs. This will lead to significant offshoring opportunities and enhanced business for AXISCADES in the automotive space, both in India and globally, it said.
The acquisition will be done in a phased manner, with 94 percent acquisition by July 2023 and the remaining 6 percent by March 2025.
The completion of acquisition is subject to regulatory compliances and closure of funding.
At 9.23 am Axiscades Technologies was quoting at Rs 402.65, up Rs 19.15, or 4.99 percent, on the BSE.
The share touched a 52-week high of Rs 410.70 on June 6, 2023 and a 52-week low of Rs 108.40 on June 21, 2022. It is trading 1.96 percent below its 52-week high and 271.45 percent above its 52-week low.
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