In a stock exchange filing, Tejas Networks unveiled that it has acquired 62.65 per cent stake in Saankhya Labs for Rs 2.76 billion.
According to the stock exchange filing, Tejas Networks has bought 6,081,946 equity shares through secondary purchase at a price of Rs 454.19 per equity share amounting to 62.65 per cent of the equity share capital of Saankhya Labs. The deal has been executed on a fully diluted basis for a consideration of Rs 2.76 billion.
With the latest development, Saankhya is now a subsidiary of Tejas Networks. The acquisition is expected to enhance Tejas Networks’ wireless offerings by adding 5G open radio access network (O-RAN), 5G cellular broadcast and satellite communication products to its product portfolio in addition to adding to its customer base in India and international markets. Tejas Networks also hopes to bolster its IPR portfolio with 73 patents (41 granted and 32 filed) along with hardware and software design. The acquisition also gives the company access to inhouse, fabless semiconductor chip design expertise for specialised applications.