Tejas Networks up 5% as co to acquire 64% stake in Saankhya Labs

The company has signed definitive agreement to acquire 64.4 per cent stake of Saankhya Labs Private Ltd for Rs 283.94 crore in cash

Shares of Tejas Networks were locked at 5 per cent upper circuit at Rs 424.90 on the BSE in Thursday’s trade after the company said it has signed definitive agreement to acquire 64.4 per cent stake in Saankhya Labs Private Ltd for Rs 283.94 crore in cash. Saankhya is a premier wireless communication and semiconductor solutions company based out of Bengaluru.

A combined around 90,000 shares have changed hands and there are pending buy orders for 260,000 shares on the NSE and BSE. The stock had hit a 52-week high of Rs 570.20 on October 5, 2021. In the