Cyient Ltd to hive off Software Design Radio division to ICS

Cyient Ltd has signed definitive agreement with Innovation Communications Systems Limited (ICS) to hive off the Software Design Radio (SDR) division of the Company to ICS.

The consideration to be received from the sale will be 23,42,869 (twenty three lakhs forty two thousand eight hundred and sixty nine) equity shares of par value INR 2 (Indian Rupees Two only) and at a premium of INR 378.57 (Indian Rupees Three Hundred and Seventy Eight and Fifty Seven Paisa only) each in ICS.

The transfer is being undertaken through a business transfer agreement between the Company and ICS. Since, there is no underlying amalgamation or merger in the transaction, this disclosure is not applicable.

Innovation Communication Systems Ltd is a technology-driven organization with a strong focus on communication product development and software services. Established in year 1988, ICS started its journey under the commendable leadership of a group of technocrats. Company is based out of Hyderabad, India.

ICS offers a range of communication products such as SDR, LCR, Custom Radio, High Capacity Radio Relay, Custom Backbone Network, Satcom, Radars & Microwave and services in Automotive electronics, IoT based smart devices, Railways communication and signaling

Cyient would like to Partner with ICS since they are focused on building products and solutions in communications technology. The core team in ICS has extensive experience and has been working in Communications technology for several years.

Shares of Cyient Limited was last trading in BSE at Rs. 1023.35 as compared to the previous close of Rs. 998.50. The total number of shares traded during the day was 35371 in over 3470 trades.

The stock hit an intraday high of Rs. 1041.90 and intraday low of 1001.85. The net turnover during the day was Rs. 36208660.00.

Source : Equity Bulls

Keywords

Cyient INE136B01020 HiveOff SoftwareDesignRadioDivision ICS InnovationCommunicationsSystems