3 Jan 2022 , 04:35 PM
Cyient Limited has signed a definitive agreement with Innovation Communications Systems Limited (ICS) to hive off the Software Design Radio (SDR) division of the company to ICS.
The company will acquire 23,42,869 equity shares of par value Rs2 and at a premium of Rs378.57 each in ICS.
“Cyient would like to Partner with ICS since they are focused on building products and solutions in communications technology. The core team in ICS has extensive experience and has been working in Communications technology for several years,” company said in a filing.
Cyient Ltd trade on Monday ended at Rs1,065 per share up by Rs41.65 or 4.07% from its previous closing of Rs1,023.35 per share on the BSE.
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