By Malvika Gurung
Investing.com -- The optical and broadband internet services provider Tejas Networks (NS: TEJS ) has forayed into the semiconductor business, informing the stock exchanges of acquiring a 62.65% stake in the semiconductor firm Saankhya Labs.
The ace investor Vijay Kedia portfolio company has purchased over 62.51 lakh equity shares of the premier wireless communication solutions company at Rs 454.19 apiece from the secondary market on a fully diluted basis for consideration of Rs 276.24 crore.
As a result, the Bengaluru-based company has now become a subsidiary of the Tata Group firm Tejas Networks. The latter has informed of acquiring the remaining 1.75% stake or 1.69 lakh equity shares of Saankhya in due course of time.
The Tata Group firm informed about the said acquisition in March 2022, stating that the acquisition deal would help expand its wireless product offerings to address growing market opportunities in the business.
Tejas Networks’ CEO stated that Saankhya's products would complement its existing 4G/5G Radio Access Network or RAN products, positioning them well for the emerging opportunities in the O-RAN and 5G broadcast space.
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