Shares of ace investor Vijay Kedia-backed Tejas Networks have gathered steam as they hit the five upper circuit for three consecutive sessions in the week that ended on Friday.
Founded in 2000, the Bengaluru-headquartered company Tejas Networks is an optical, broadband and data networking service provider.
The continued rally in share prices came at a time when the Tata Group firm Tejas Networks announced it will acquire 64.40 per cent stake in Saankhya Labs for Rs 283.94 crore in an all-cash deal.
Saankhya was founded in 2007 by technology entrepreneurs with global experience, and has developed a wide range of system and semiconductor products for cellular wireless, broadcast radios and satellite communication ground-terminals, which are deployed by customers in India and in international markets.
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Pursuant to the said acquisition of equity shares, Saankhya will become a majority owned subsidiary of the Tejas Networks.
On Friday, the shares of Tejas Networks were locked in the five per cent upper circuit at Rs 448.
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Since the start of the year 2022, it, however, rose just 4.9 per cent on a cumulative basis.
