Shares of IT firm Geometric jumped as much as 18 per cent after HCL Technologies announced that it has signed an agreement to acquire all the business of the company in an equity swap deal.
In early trade today, shares of the firm hit 52-week high of Rs 231.80 on BSE, up 18.26 per cent.
On the NSE, the scrip touched its 52-week high with shares trading at Rs 232, up 18.30 per cent.
Mumbai-based Geometric is a product life cycle management consulting, mechanical engineering and manufacturing engineering services providers.
The business, that HCL is acquiring, is one of the largest acquisitions in the engineering services space, the statement said, adding that Geometric has more than 60 global clients in the US and Europe, majorly in automotive and industrial engineering segments.
As of December 2015, Geometric employed 2,606 people across 13 global delivery locations in the US, France, Germany, Romania, India and China.
As per the deal, HCL will issue 10 equity shares of Rs 2 each to Geometric shareholders for every 43 equity shares of Geometric of Rs 2 each held by them, the company had said in a statement. In total, HCL will issue 15,640,546 equity shares of Rs 2 each.
Geometric was incorporated in 1994 and is listed on BSE and NSE.
