Zen Technologies shares in focus after board approves acquisition of TISA Aerospace
Shares of
Zen Technologies
are likely to be in focus on Monday, June 23, following the company's announcement of a proposed acquisition of a majority stake in TISA Aerospace, an emerging
defence technology
firm specialising in loitering munitions and unmanned aerial vehicles (UAVs).
In an exchange filing, Zen Technologies disclosed that its Board of Directors, at a meeting held on Saturday, approved an investment of up to Rs 6.56 crore towards the proposed acquisition.
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The investment will be executed through two components:
The acquisition of 2,06,518 equity shares of Rs 10 each from an existing shareholder of TISA Aerospace, representing 54.67% of the total equity paid-up share capital of the company.
The acquisition of 4,00,000 units of 6% Compulsory Convertible Debentures (CCDs) of Rs 100 face value each, from an existing CCD holder, also issued by TISA.
The Board of Directors has unanimously approved the investment, which involves acquiring shares from current stakeholders of TISA as well as CCDs previously issued by TISA.
The company stated that the transaction represents an investment in a domain of strategic relevance, comprising indigenously developed defence technologies.
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TISA Aerospace is positioned as a domestic player within the high-technology defence ecosystem. The company is engaged in the development of loitering munitions and UAVs—both of which are key segments within the evolving landscape of modern precision-guided weapon systems.
Zen Technologies, through this acquisition, is entering a segment associated with advanced defence applications.
'This acquisition is a decisive step towards strengthening Zen's position in the rapidly evolving defence drone sector. TISA's expertise in loitering munitions provides us with immediate access to advanced technologies and platforms that align with the emerging operational requirements of the Armed Forces. TISA has achieved significant R&D milestones, including the successful execution of a project for DRDO with critical design assistance from IIT Madras. By integrating these capabilities with our existing strengths in anti-drone systems and propulsion technologies, we are building a broader and more future-ready defence portfolio,' said Ashok Atluri, Chairman and Managing Director of ZenTechnologies.
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Shares of Zen Technologies closed flat at Rs 1,900.30 on the BSE on Friday.
(
Disclaimer
: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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