Ceinsys Tech hits new 52-week high on the BSE

Ceinsys Tech is currently trading at Rs. 246.95, up by 35.90 points or 17.01% from its previous closing of Rs. 211.05 on the BSE.

The scrip opened at Rs. 253.25 and has touched a high and low of Rs. 253.25 and Rs. 221.20 respectively. So far 179088 shares were traded on the counter.

The BSE group ‘B’ stock of face value Rs. 10 has touched a 52 week high of Rs. 253.25 on 24-Dec-2021 and a 52 week low of Rs. 106.30 on 11-Feb-2021.

Last one week high and low of the scrip stood at Rs. 253.25 and Rs. 170.05 respectively. The current market cap of the company is Rs. 272.20 crore.

The promoters holding in the company stood at 75.00% and Non-Institutions held 25.00%.

Ceinsys Tech has received approval from board of directors to acquire 100% equity stake in Allygrow Technologies from its existing shareholders for a total consideration not exceeding Rs 68.06 crore to be discharged partly by cash consideration of Rs 11.79 crore and remaining consideration of Rs 56.27 crore, by issuance of up to 36,07,530 equity shares of Rs 10 each of the company at an issue price of Rs 156 per equity share.

In furtherance of the same, the company has entered into Share Purchase Agreement (SPA) with the Allygrow Technologies and its existing Shareholders on December 22, 2021, to record the terms and conditions of the Strategic Investment, including the terms on which the Company shall acquire 2,52,780 equity shares (Class B) of the issued and paid up share capital of Allygrow Technologies.

The aim of acquisition is to diversify and add Engineering Design Services (EDS) as one of the Business Domain: As the intended organization is operating in the international markets, it will help to expand Ceinsys’ business domain. The first tranche of strategic investment shall be completed by end of FY2021-22. The company shall complete the remaining tranche of the strategic investment during the period FY 2022-23. The Board of Directors at its meeting held on December 22, 2021 has approved the same.

Ceinsys Tech (formerly ADCC Infocad) is a CMMI (SVC & DEV) Level 5 and a BSE Listed company. The company is a specialist in GIS & is an Engineering services solution provider company, servicing clients across a range of corporate and government segments helping improve their engineering efficiency, support global footprint and improve competitiveness.

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