SIS acquires further 2.36% stake in Staqu Technologies; stock trades flat

22 Apr 2022 , 10:52 AM

SIS Limited informed that the company has signed Share Purchase Agreement for acquisition of additional 2.36% shareholding in Staqu Technologies Private Limited. With this acquisition, the total shareholding to be acquired by the Company in Staqu will increase to 10.01%.

The company has already agreed to acquire 7.65% shareholding in Staqu Technologies Private Limited dated April 15, 2022.

Certain Senior Managers of SIS and its subsidiaries will be co-investing Rs80 lakh on similar terms for acquisition of 0.13% shareholding on a fully diluted basis.

The acquisition is for a cash consideration of Rs1.5 crore, and will complete this acquisition on or before May 31, 2022.

SIS proposes to invest Rs1.5 crore for acquisition of 2.36% shareholding (2,393 shares) on a fully diluted basis in a combination of primary and secondary transactions in Equity and Compulsorily Convertible Preference Shares.

Staqu is primarily a video management platform company. Its product called JARVIS (Joint AI Research for Video Instances & Streams) is an AI tool used in video analytics and video management solutions.

SIS Ltd. is currently trading at Rs504.75 down by Rs2.1 or 0.41% from its previous closing of Rs506.85 on the BSE. The scrip opened at Rs503.75 and has touched intraday high and low of Rs505.05 and Rs502.30 respectively.