Wall Street firm to buy equity stake in Jump Networks' subsidiary; share surges 14%

Shares of Jump Networks gained 14 percent intraday on June 16 after the firm said a US-based firm will purchase an equity stake in its subsidiary.

The technology company informed exchanges that it has received a letter from Jump Networks Inc, USA, that it has entered into a conditional Letter of Intent with a California-based technology investment group listed on the New York Stock Exchange to infuse substantial equity funds in the company.

Jump Networks Inc, USA is an entity controlled by Harshawardhan Sabale, the Managing Director of Jump Networks.

"This investment will facilitate Jump Networks to leverage technology, diversify product portfolio, expand geographical markets, and improve the overall functioning of the company," the company said.