AXISCADES Technologies Ltd has informed that the meeting of the Board of Directors of the Company was held on November 9, 2022 and the Board has inter alia, considered and approved the 100% acquisition, in a phased manner, of "add solution, GMBH", Germany, specializing in Automotive Solutions to Global OEMs.
According to the filing, the proposed acquisition will provide a strategic foothold to AXISCADES in the Automotive space, besides firm contract with marquee automotive OEMs. This will lead to significant offshoring opportunities and enhanced business for AXISCADES in the automotive space, both in India and globally.
The Company proposes to acquire 100% shareholding in add solution GMBH for a total purchase consideration of not less than Euro 4.30 Mn and not more than Euro 5.50 Mn, based on performance, in a phased manner.
At around 9:18 AM, AXISCADES Technologies Ltd is currently trading at Rs356.90 per share up by Rs6.65 or 1.9% from its previous closing of Rs350.25 per share on the BSE.
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