Shares of Viaan Industries are locked at 5 percent upper circuit as the company board has approved to acquire 50 percent stake in the Avalance Technology.
The board of Viaan Industries has agreed to acquire an equity stake in Avalance Technology for a cash consideration, as per BSE release.
The said investment upon completion will translate into 50 percent equity stake in Avalance Technology on a fully diluted basis.
The total investment is likely to be completed by April, 2019.
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The aforesaid investment will assist in the company’s initiatives to grow in technology space and has potential synergies with digital services and communications.
All statutory approvals have been obtained for this investment, the company said. There is no government or regulatory approvals are required for this acquisition.
At 1038 hours, Viaan Industries was quoting at Rs 7.94, up Rs 0.37, or 4.89 percent on the BSE.
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First Published on Mar 20, 2019 11:16 am