Optiemus Infracom Limited to acquire balance stake in JV company from Wistron Corporation

The Board of Directors of Optiemus Infracom Limited in its meeting held today i.e. on Friday, December 18, 2020 has considered and approved purchase of 27,60,000 (Twenty Seven Lakh Sixty Thousand) Equity shares (19.91% of the total share capital) of M/s. Optiemus Electronics Limited, Subsidiary and Joint Venture Company, by way of transfer from M/s. Wistron Corporation and enter into Share Purchase Agreement in this regard.

Optiemus Infracom Limited already holds 80.09% of the share capital of Optiemus Electronics Limited, therefore, to strengthen its ownership and control, the management has taken this decision.

After the success of share acquisition, this transaction would make Optiemus Electronics Limited, Wholly Qwned Subsidiary of Optiemus Infracom Limited as per the provisions of Companies Act, 2013.

Also, as Optiemus Electronics Limited is a Joint Venture of Optiemus Infracom Limited and Wistron Corporation, therefore, after acquiring remaining shares as mentioned above the Joint Venture Agreement entered into by the Company with Wistron Corporation will also cease to be effective and Optiemus Electronics Limited will remain only wholly owned subsidiary Company of Optiemus Infracom Limited.

Optiemus Electronics Limited ('OEL") is a company incorporated under the Companies Act, 2013 on January 29, 2016, having its registered office at K-20, Second Floor, Lajpat Nagar - 2, New Delhi - 110 024. It is engaged into the business of manufacturing of telecom products in India. It provides a complete end to end solution to global and Indian brands encompassing world class manufacturing infrastructure, distribution, retail and after sales. The current manufacturing facility of Optiemus Electronics is located in Sector 63, Noida, Uttar Pradesh. With sizeable investments lined up, OEL aimed to further enhance its manufacturing and design capabilities. OEL has managed to win the trust of many Local as well as global brands, due to its commitment towards Quality, Timely Delivery, Flexibility as well as Customer Satisfaction.

Shares of Optiemus Infracom Ltd was last trading in BSE at Rs.91.5 as compared to the previous close of Rs. 94.8. The total number of shares traded during the day was 5907 in over 315 trades.

The stock hit an intraday high of Rs. 96 and intraday low of 90.1. The net turnover during the day was Rs. 543551.

Source : Equity Bulls

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