The board of GSS Infotech limited approves the acquisition of 100% acquisition of an Indian "farm to store" company Polimeraas, with a combination of stock and cash. Polimeraas is valued at Rs.250 cr.
The merger of Polimeraas Agros with GSS Infotech will be through a scheme transaction subject to the approval of the shareholders, stock exchanges and regulatory authorities.
Speaking about the merger, Bhargav Marepally CEO of GSS Infotech said " GSS has always been focused not just growth but on strategic growth opportunities that take advantage of a changing business environment. B2C e-commerce opportunities leveraging core technology strength has always been an integral part of GSS's inorganic growth strategy to drive growth.
This, therefore, is clearly the most logical step to take bearing in mind the explosive growth we are going to see for e commerce especially for online and hyper local fulfilment.
Polimeraas stores are currently ideal dark stores for a hyper local rapid delivery fleet. We see meaningful opportunities to improve efficiency across the value chain by leveraging data analytics. We are also going to focus on creating tech-enabled best in class retail experiences."
Shares of GSS Infotech Limited was last trading in BSE at Rs. 127.05 as compared to the previous close of Rs. 121.00. The total number of shares traded during the day was 2356 in over 25 trades.
The stock hit an intraday high of Rs. 127.05 and intraday low of 127.05. The net turnover during the day was Rs. 299329.00.