Sunday , July 25 2021

KPIT Technologies zooms on inking pact to acquire controlling stake in PathPartner Technology

KPIT Technologies is currently trading at Rs. 249.20, up by 10.20 points or 4.27% from its previous closing of Rs. 239.00 on the BSE.

The scrip opened at Rs. 246.10 and has touched a high and low of Rs. 257.50 and Rs. 245.20 respectively. So far 202116 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 257.50 on 22-Jun-2021 and a 52 week low of Rs. 58.50 on 09-Jul-2020.

Last one week high and low of the scrip stood at Rs. 257.50 and Rs. 221.65 respectively. The current market cap of the company is Rs. 6871.41 crore.

The promoters holding in the company stood at 40.14%, while Institutions and Non-Institutions held 36.36% and 23.50% respectively.

KPIT Technologies has signed a definitive agreement to acquire a controlling stake in PathPartner Technology. PathPartner is a specialist design service and solution provider of operating system software and low-level software for Automotive, Camera, Radar, and Multimedia devices. The deal is subject to customary closing conditions and is expected to get closed in Q2 FY 2021-22.

KPIT will initially purchase 60 percent stake for a consideration of Rs 890 million, and the balance stake is proposed to be acquired over a period of 2 years against defined growth targets. The total consideration for 100 percent stake will not exceed Rs 1,910 million.

KPIT is a global technology company with software solutions that will help mobility leapfrog towards an autonomous, clean, smart and connected future.

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