Shares of IT firm Cyient, formerly known as Infotech Enterprises, gained nearly 6 per cent after the company said its subsidiary has signed a definitive agreement to acquire 100 per cent equity in the US-based Certon Software Inc in an all-cash deal.
The stock went up by 5.71 per cent to Rs 492.60 on the BSE.
On the NSE, shares of the company jumped 5.44 per cent to Rs 492.
“Cyient Inc, USA, a wholly-owned subsidiary of the company, has signed a definitive agreement to acquire 100 per cent equity in Certon Software Inc, Melbourne, Florida, USA, in an all-cash transaction,” Cyient Ltd said in a BSE filing.
It also said: “This transaction will further strengthen the automation in its key vertical aerospace and defence in line with strategy for growth.”
Elaborating on the cost of acquisition, Cyient said, “The enterprise value payable will be $7.5 million on a cash-free and debt-free basis, subject to closing adjustments.”