Moneycontrol
May 16, 2018 09:54 AM IST | Source: Moneycontrol.com

Cyient gains 3% on signing agreement to take full control of subsidiary

The company signed definitive agreement to acquire the remaining 49 percent stake in its subsidiary Cyient Insights to take the overall stake to 100 percent.

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Share price of Cyient gained 3.5 percent intraday Wednesday as company signed definitive agreement to acquire the remaining stake in its subsidiary company.

The company signed definitive agreement to acquire the remaining 49 percent stake in its subsidiary Cyient Insights to take the overall stake to 100 percent.

The consideration is paid in cash and said acquisition is likely to close in seven days and is subject to customary closing conditions.

Cyient Insights has already gained significant traction with global clients in the industrial and aerospace industry and will continue to expand into other industries, such as medical and automotive, to enable actionable business insights, predictive action planning and digital transformations, company said in release.

At 09:35 hrs Cyient was quoting at Rs 820, up Rs 10.10, or 1.25 percent on the BSE.

Posted by Rakesh Patil
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