Tech Mahindra Ltd board approves proposal to acquire 18.1% stake in Infotek Software and Vitaran Electronics
The Investment Committee of the Board of Directors of Tech Mahindra Ltd has approved the proposal to acquire 18.1% Equity Shares each of M/s Infotek Software and Systems Private Limited and M/s Vitaran Electronics Private Limited.
Infotek Software and Systems Pvt. Ltd. ("Infotek") and Vitaran Electronics Pvt. Ltd. ("Vitaran") are the two entities in which Tech Mahindra Limited will be purchasing 18.1% equity stake in each of these entities.
For the 12 month period ending 30th September, 2018, Infotek had a revenue of INR 292.8 mn and Vitaran had a revenue of INR 126.8 mn.
Tech Mahindra intends to leverage the presence of the companies in the Radio-frequency Identification ("RFID") space in building a strong footprint in the asset monitoring, tracking and automated billing solutions space. The investment will also help expand Tech Mahindra's solution portfolio to cater to the smart city projects.
The cost of acquisition is upto INR 130mn.
Shares of TECH MAHINDRA LTD. was last trading in BSE at Rs.788.95 as compared to the previous close of Rs. 787.1. The total number of shares traded during the day was 115914 in over 2967 trades.
The stock hit an intraday high of Rs. 797.4 and intraday low of 785. The net turnover during the day was Rs. 91888438.