Himachal Futuristic Communications Ltd. (HFCL) signed a share Subscription agreement on January 7, 2020, with Nivetti Systems Private Limited and the existing promoters of Nivetti to acquire 15% of the diluted paid-up equity share capital of Nivetti, in one or more tranches, by way of subscribing to its fresh equity.
The company is acquiring stake in Nivetti, keeping in line with thrust on addition of next generation products and solutions in its portfolio for telecom network and cyber security system space.
The acquisition would result in increasing company's offerings of best in class networking and cyber security products & solutions resulting in growth in its Telecom, IT, Cyber Security & Surveillance business.
Nivetti is a new age Indian networking and cyber security company which is rethinking the way network and cyber security systems are to be built for trusted and secure communication in the era of shared network infrastructure and disaggregation of hardware and software.
Nivetti's Network Operating System (NiOS), which is India's first indigenous Network Operating System delivers highly secure and scalable platform for hyper scale software defined networks running on custom hardware, White-box and Virtualized environments.
HFCL Ltd ended at Rs17.30 down by Rs0 or 0% from its previous closing of Rs17.30 on the BSE.
The scrip opened at Rs17.05 and touched a high and low of Rs17.50 and Rs17.05 respectively. A total of 16,37,085 (NSE+BSE) shares were traded on the counter.
The current market cap of the company is Rs2,221.97cr.