Zen Technologies announced that it will acquire 51% stake in AiTuring Technologies for total consideration of approximately Rs 3.87 crore.
AiTuring Technologies offers a comprehensive suite of solutions for electronic optics and robotics and is committed to focused research and development, providing support, and manufacturing advanced long-range electro-optics.The company will acquire 51% stake in AiTuring Technologies for offering complete counter-drone solution including electrooptics, expanding product portfolio, Achieving cost savings and operational efficiencies through backward integration, Gaining valuable technology, IP, and talent.
The said acquisition will be completed within 6 months
Further, the board has approved the constitution of the Investment and Finance committee pursuant to invest the funds of the company and grant loans or give guarantee or provide security in respect of loans.
Zen Technologies is principally engaged in design, development and manufacture of Training Simulators,Anti Drone Systems and operations for Para-military Forces, Armed Forces, Security Forces,Police and Government Departments.The Company caters to both domestic and international market.
The company reported consolidated net profit of Rs 30.58 crore in Q3 FY24, steeply higher than Rs 9.44 crore posted in Q3 FY23. Revenue from operations increased 89.59% YoY to Rs 99.52 crore in the quarter ended 31 December 2023.
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Zen Technologies fell 0.47% to end at Rs 801.65 on the BSE as on 23 February 2024.
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