According to a filing made at an exchange, Tejas Networks has bought the residual 0.97 per cent stake to acquire its targeted 64.40 per cent holding in Saankhya Labs. The company acquired the remaining balance of 93,571 equity shares of Saankhya Labs at Rs 454.19 per share, amounting to a consideration of Rs 42.5 million through secondary purchase.
Meanwhile, with the aforesaid balance acquisition, Tejas Networks had acquired the entire 6,251,496 equity shares, as agreed in the share purchase pact with Saankhya dated March 30, 2022, at Rs 454.19 a share for a consideration of Rs 2.84 billion, on a fully diluted basis.
The acquisition is slated to boost company’s wireless offerings by adding 5G open radio access network (O-RAN), 5G cellular broadcast and satellite communication products to its product portfolio besides adding to its customer base in India and global markets. Besides, the company also reportedly hopes to reinforce its intellectual property right (IPR) portfolio with 73 patents (41 granted and 32 filed) along with hardware and software design. Further, the acquisition also gives the company access to in-house, fabless semiconductor chip design expertise for specialised applications.
