The total consideration for 100 percent stake will not exceed Rs 418 million.
Shares of KPIT Technologies fell over 6 percent intraday on March 12. The company has entered into an agreement with Vayavya Labs Private Limited (VL) and its shareholders for acquiring the company.
VL is an embedded software company with a turnover of Rs 91.34 million as on March 31, 2019. The expected turnover for FY20 is Rs 140-150 million.
The deal is subject to customary closing conditions and is expected to get closed in the first quarter of FY 2021.
The total consideration for the 100 percent stake will not exceed Rs 418 million.
The company will initially purchase 78.47 percent stake for a consideration of Rs 245.6 million and balance is proposed to be acquired over a period of 2 years.
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First Published on Mar 12, 2020 10:14 am
