Tejas Networks Limited (the "Company") had earlier announced about the execution of the share purchase agreement with Saankhya Labs Private Limited (the "Saankhya") for the acquisition of 62,51,496 equity shares, in one or more tranches, which would result in the Company holding 64.40% of the equity share capital of Saankhya, on a fully diluted basis and also the shareholders' agreement ("SHA") with the continuing shareholders of Saankhya.
The Company as of July 4, 2022 has acquired 60,81,946 equity shares through secondary purchase at a price of Rs. 454.19/- per equity share amounting to 62.65% of the equity share capital of Saankhya, on a fully diluted basis for a consideration of Rs. 276.24 crore. Consequent to the said acquisition, Saankhya has become a subsidiary of the Company. The Company is in process of acquiring the balance 1,69,550 equity shares in due course of time.