Cyient Ltd has signed a definitive agreement with Innovation Communications Systems Limited (ICS) to divest the company’s Software Design Radio (SDR) division to ICS.
The consideration to be received from the sale will be 23,42,869 (twenty-three lakhs forty-two thousand eight hundred and sixty-nine) equity shares with a face value of INR 2 (two Indian rupees only) and with a premium of 378 .57 INR (Three Indian Rupees One Hundred Seventy Eight and Fifty Seven Paisa only) each in ICS.
The transfer is made under a business transfer agreement between the Company and ICS. Since there is no underlying merger in the transaction, this disclosure is not applicable.
Innovation Communication Systems Ltd is a technology driven organization with a strong focus on communication product development and software services. Founded in 1988, ICS began its journey under the commendable leadership of a group of technocrats. The company is based in Hyderabad, India.
ICS offers a range of communication products such as SDR, LCR, Custom Radio, High Capacity Radio Relay, Custom Backbone, Satcom, Radar and Microwave and services in automotive electronics, IoT based smart devices , railway communication and signaling
Cyient would like to partner with ICS as they focus on creating products and solutions in the field of communication technologies. The core team of ICS has extensive experience and has been working in the field of communication technologies for several years.
Shares of Cyient Limited last traded in the BSE at Rs. 1023.35 from the previous close of Rs. 998.50. The total number of shares traded during the day was 35,371 in over 3,470 trades.
The stock hit an intraday high of Rs. 1041.90 and an intraday low of 1001.85. Net turnover during the day was Rs. 36208660.00.
Source: Stock market bulls