Sasken Technologies shares surge 4% as board greenlights acquisition of 60% stake in Anup Silicon

Sasken Technologies Shares Surge as Board Approves Acquisition of 60% Stake in Anup Silicon for ₹38.5 Cr. SKCT Invests ₹332 Million to Acquire Majority Stake in Anups Silicon Services.

A proposal to make a strategic investment of Rs 50 crores will, directly or indirectly through a joint venture with one of the above companies with a global presence, specialising in Advanced AI/5G/Power driven IP licensing, custom ASIC design and foundry services as recently approved by the Board

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Further, the company invested Rs. 33.2 crore in one of the companies viz. Anups Silicon Services Private Limited (ASSPL) to acquire 60% of the equity share capital of ASSPL and subscribe to the Compulsory Convertible Debentures offered by the ASSPL through preferential issue on a private placement basis.

The above investment results into ASSPL becoming a subsidiary of Sasken Technologies Limited. This investment strengthens Sasken Group’s Intellectual Property portfolio and engineering capabilities, and is complementary to the company’s business and shall support the company achieve its expansion and growth objectives.

During Q3 FY23-24, the company recorded revenue from operations of Rs. 96 crore, a decline of 21.95% YoY from Rs. 123 crore recorded in Q3 FY22-23 and net profit of Rs. 18 crore, a 41.93% YoY decline from Rs. 31 crore recorded in Q3 FY22-23.

Sasken Technologies Limited is in the business of providing concept to market and chip to cognition R&D to its customers in semiconductor, automotive, industrial, consumer electronics, enterprise devices, satellite communications, telecom and transportation.

Shares were trading 3.33% higher at ₹1,557.70 as of 1:30 pm.