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Aurionpro acquires majority stake in Toshi Automatic Systems; stock surges ~2%

This acquisition, which was announced in FY22 following the signing of the definitive agreement, was designed to be completed in tranches through a combination of subscription and acquisition.

September 09, 2022 2:00 IST | India Infoline News Service
Aurionpro Solutions Limited announced the completion of the acquisition of a majority stake (51%) in Toshi Automatic Systems (TAS).

TAS is a Delhi-based company that provides innovative products and solutions in the Mass Transit, Industrial, and Public Safety segments.

Aurionpro has placed itself as a major worldwide provider of next-generation solutions in the Mass Transit arena, and this purchase will considerably strengthen its capabilities to be a fully integrated end-to-end provider across the value chain.

This acquisition, which was announced in FY22 following the signing of the definitive agreement, was designed to be completed in tranches through a combination of subscription and acquisition. Therefore, it is partly through subscription of new equity to be issued by TAS and the remainder through the acquisition of equity stakes from existing shareholders.

As a result, Aurionpro has completed the acquisition of its majority ownership in TAS, which has now been renamed as Aurionpro Toshi Automatic Systems (ATAS). The Rs14 crore acquisition was wholly funded via internal accruals.

"The combination of cutting-edge technology solutions in Aurionpro's targeted segments and ATAS manufacturing capabilities will generate a powerful market proposition, positioned ideally to capitalise on the Government's 'Make in India' drive,” commented Paresh Zaveri, CMD – Aurionpro.

At around 2.05 PM, Aurionpro Solutions was trading at Rs349.20 up by 1.7% from its previous closing of Rs343.35 on the BSE. The scrip touched intraday high and low of Rs353 and Rs335.50 respectively.

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