Electronic system design and manufacturing company allots 4,00,00,000 equity shares of Sahasra Semiconductors Pvt Ltd to its promoters
The stock is up by 87 per cent from its 52-week low of Rs 537.70 per share.
Sahasra Electronic Solutions Ltd. (SESL) has announced a significant increase in its stake in its subsidiary, Sahasra Semiconductors Private Limited (SSPL). Through a share allotment to promoters against a cash consideration of 40 crore rupees, SESL's shareholding in SSPL has risen from 54.18% to approximately 72.70%. This transaction falls under the provisions of Section 62 of the Companies Act, 2013.
While SSPL is not classified as a material subsidiary under the Listing Regulations, SESL has provided key details regarding the allotment, as mandated by SEBI Circular CIR/CFD/CMD14/2015. These details include the target entity's name, authorized and paid-up capital, turnover, and industry. The transaction is considered an arm's-length deal, aligned with the valuation report and the pricing of shares issued to unrelated third parties. The primary objective of the allotment is to fund potential new projects or working capital requirements for SSPL.
SSPL, incorporated in 2020, is engaged in electronic manufacturing systems. Its recent financial performance, with a turnover of 244.65 lakhs in FY24, indicates a promising growth trajectory. The increased stake by SESL signifies its commitment to SSPL's future and its potential contribution to the parent company's overall business strategy.
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Sahasra Electronic Solutions Limited, a relatively new player in the electronics industry, offers comprehensive electronic system design and manufacturing services. Their expertise lies in PCB assembly, wire harnessing, box build solutions, LED lighting, and IT hardware products. The company caters to a diverse clientele, both domestic and international, providing essential components like motherboards, server systems, and enterprise-grade storage solutions. With a strong focus on quality and innovation, Sahasra Electronic Solutions is poised to make significant strides in the electronics market.
The company have a market cap of over Rs 2,300 crore. The shares of the company have an ROE of 81 per cent and an ROCE of 65 per cent. The stock is up by 87 per cent from its 52-week low of Rs 537.70 per share. Investors should keep an eye on this small-cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.