Tata Group firm Tejas Networks will acquire 64.40 per cent stake in semiconductor firm Saankhya Labs Pvt Ltd for Rs 283.94 crore in an all-cash deal. The initial acquisition of Saankhya shares is expected to close within the next 90 days, Tejas said in a statement.
"Tejas Networks, upon procuring all necessary consents and approvals, also intends to proceed with acquiring the balance 35.60 per cent shares through a merger process or a secondary acquisition," the statement said.
At 10:49 hours, Tejas Networks was trading at Rs 424.90, up Rs 20.20, or 4.99 percent. It has touched an intraday high of Rs 424.90 and an intraday low of Rs 424.90. There were pending buy orders of 25,040 shares, with no sellers available.
Saankhya was founded in 2007 by technology entrepreneurs with global experience, and has developed a wide range of system and semiconductor products for cellular wireless, broadcast radios and satellite communication ground-terminals, which are deployed by customers in India and in International markets.