HFCL Ltd has signed a Term Sheet ('Term Sheet') on January 27, 2020, with Bigcat Wireless Private Limited [CIN: U72900TN2013PTC089742], having its registered office at New No. 21, Old no. 9, Flat C2 Dwaraka Apartments, I Avenue, Shastri Nagar Chennai-600020 Tamil Nadu ('BIGCAT') and the existing promoters of BIGCAT, to acquire up to 47.87% of the diluted paid-up equity share capital of BIGCAT, in various tranches, by way of subscribing/ purchasing its equity shares at a total consideration of Rs.22.50 crores.
Pursuant to aforesaid Term Sheet, BIGCAT shall carry out development of advanced wireless communication products including 4G, & 5G wireless products. The Company shall have right to manufacture and sale these products and also own IPR rights of certain products.
The acquisition would help the Company to competitively address business of next generation Wireless Products.
Shares of HFCL LTD. was last trading in BSE at Rs.16.95 as compared to the previous close of Rs. 17. The total number of shares traded during the day was 579196 in over 1024 trades.
The stock hit an intraday high of Rs. 17.2 and intraday low of 16.85. The net turnover during the day was Rs. 9848980.