At around 11.57 am, GSS Infotech was trading at Rs76 per piece down by 4.6% on Sensex. The stock has touched an intraday high and low of Rs82.40 per piece and Rs74 per piece respectively.
The stock did reached near the 52-week high of Rs82.50 per piece, however, pulled back and was trading on a bearish stance as investors turn cautious.
In its regulatory filing on Monday, GSS Infotech said that "a general disclosure/ intimation from Bhargav Marepally, that he in his personal capacity has assumed the role of CEO and Director of Stone Bridge Acquisition Corporation, a Special Purpose Acquisition Company (SPAC) and that this SPAC has raised USD 200 Million to be further invested in Asia Pacific companies with a special focus in India in the areas of consumer technology, communications, software, SaaS, fintech, media sectors and renewables."
GSS Infotech further added, that the "SPAC is purely an individual effort of Bhargav Marepally and does not have any conflict of interest with GSS Infotech and its current business operation globally. GSS Infotech Limited or any of its subsidiary is not involved either directly or indirectly in the initiative or effort. This information will be covered in the Indian newspapers/media also."
SBAC is a newly ncorporated 'blank cheque company', that is promoted by Bhargav Marepally and Prabhu Antony, a co-founder of Hong Kong-based financial institution Sett and Lucas.
SBAC has been listed on Nasdaq. The company aims to complete its target acquisition within 12-16 months.