Aurionpro signs agreement to increase stake in SC Soft to 80%; Stock slips 4%

The transaction involves the acquisition of a further 29% stake in SC Soft from the existing shareholders.

Oct 19, 2021 03:10 IST India Infoline News Service

Aurionpro Solutions
Aurionpro Solutions Limited on Tuesday announced the signing of an agreement for the acquisition of a further stake in its subsidiary SC Soft Pte Ltd. (“SC Soft”). The transaction involves the acquisition of a further 29% stake in SC Soft from the existing shareholders, in various tranches up to December 31, 2022. This acquisition is pursuant to the right available to the Aurionpro under the Subscription and Shareholders’ Agreement signed for the acquisition of a 51% stake in 2018.

The acquisition of a 51% stake in SC Soft and resultant integration has established Aurionpro as an end-to-end supplier in the Automatic Fare Collection (AFC) segment and further acquisition of stake in SC Soft will strengthen this position with increased synergies and capabilities.

Sanjay Bali, EVP, Aurionpro on the acquisition said that “SC Soft has a world class technology which combined with the experience and reach of Aurionpro makes us a formidable player in the rapidly growing smart mobility market worldwide. The string of recent wins, strong pipeline and our deepening partnership with global players will help us grow this business rapidly in time to come and our decision to increase our holding in SC Soft signals our deeper commitment to this business.”

At around 3.15 pm, Aurionpro Solutions Ltd was trading at Rs210 per piece down by Rs8.8 or 4.02% from its previous closing of Rs218.80 per piece on the BSE.

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