Ceinsys Tech acquires Allygrow Technologies
Shares of Ceinsys Tech skyrocketed 20% in early trade Thursday after the engineering services company announced the acquisition of Allygrow Technologies, a technology-driven firm with a presence in the US, Europe and India.
Allygrow Technologies specialises in product design and robotics automation (manufacturing engineering) services.
Ceinsys board of directors has approved the acquisition of 100% equity in Allygrow Technologies Private from existing shareholders.
The stake will be acquired for a total consideration not exceeding Rs 68.06 crore to be discharged partly by cash consideration of Rs 11.79 crore and remaining consideration of Rs 56.27 crore by issuance of up to 36,07,530 equity shares of Rs 10 each of the company at an issue price of Rs 156 per equity share.
In July-September, the company’s total income clocked in at Rs 53.9871 crore, against Rs 48.7889 crore in the corresponding quarter of the previous year and Rs 41.3290 crore in the previous quarter.
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