Vijay Kedia portfolio: Tata stock acquires 62.65% stake in this tech company
Premium- Vijay Kedia-backed company bought 62,51,496 equities of the tech company from the market paying ₹454.19 per share
Vijay Kedia portfolio: Tata group company Tejas Networks has acquired 62.65 per cent stake in Saankhya Labs Private Limited. This Vijay Kedia-backed company bought 62,51,496 equity shares of the tech company from secondary market paying ₹454.19 per share of Saankhya Labs. After this acquisition, Tejas Networks shareholding in Saankhya Labs has gone up to 64.40 per cent. Now, Saankhya is a subsidiary of Tejas Networks.
Tejas Networks Saankhya deal
Tejas Networks informed Indian stock exchanges about the acquisition citing, "We refer to our letter dated March 30, 2022 informing about Tejas Networks Limited (the “Company") on the execution of the share purchase agreement with Saankhya Labs Private Limited (the “Saankhya") for the acquisition of 62,51,496 equity shares, in one or more tranches, which would result in the Company holding 64.40 per cent of the equity share capital of Saankhya, on a fully diluted basis and also the shareholders’ agreement (“SHA") with the continuing shareholders of Saankhya."
"In this connection, we would like to inform you that, the Company as of July 4, 2022 has acquired 60,81,946 equity shares through secondary purchase at a price of Rs. 454.19/- per equity share amounting to 62.65% of the equity share capital of Saankhya, on a fully diluted basis for a consideration of Rs. 276.24 crore. Consequent to the said acquisition, Saankhya has become a subsidiary of the Company," Tejas Networks added.
Tejas Networks went on to inform that it is in process of acquiring the balance 1,69,550 equity shares of the tech company in due course of time.
In its exchange communication in March 2022, Tejas Networks has informed that acquisition of Saankhya will bring in a strong domain expertise and IPR in wireless communication (5G, Broadcast, Satellite) as well as semiconductor design. Saankhya will be complementary in terms of product/technology areas and customer access.
Informing about the deal structure, Tejas Networks informed Indian exchanges that management and key employees will be granted long-term performance-linked incentives.
Vijay Kedia shareholding in Tejas Networks
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According to Tejas Networks shareholding for January to March 2022 quarter, Vijay Kedia has investments in this telecom hardware company via Kedia Securities Private Limited. Kedia Securities Private Limited holds 39 lakh shares, which is 2.58 per cent of the total paid-up capital of the company. The shareholding pattern of the company for Q1FY23 is still awaited.