Zen Tech Buys 55% stake in Hyderabad defence drone firm: Stock hits 5% upper circuit on acquisition news; sector in focus post Operation Sindoor
Zen Technologies acquired around 54.7% stake in Hyderabad-based TISA Aerospace for a consideration of nearly 6.6 crore. This is being done through the acquisition of 2,06,518 equity shares from existing shareholders in the company.
Zen Technologies will also acquire another 4 lakh 6% compulsory convertible debentures of TISA.
News of the acquisition, which marks Zen Technologies' foray into the fast growing domain of loitering munitions, UAVs, and precision-guided weaponry, powered the company's scrip to the 5% upper circuit at 1995.3 a share on Bombay Stock Exchange on Monday compared to the previous closing price of 1,900.3 a share.
Zen CMD Ashok Atluri said TISA's expertise in loitering munitions will provide the company immediate access to advanced technologies and platforms to cater to emerging operational requirements of armed forces.tnn
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