BOM:532407

Moschip Technologies to Acquire 73% Stake in Software Engineering Services Provider; Shares Up 5%

Moschip Technologies (NSE:MOSCHIP, BOM:532407) has agreed to acquire a 73% stake in software engineering services provider Vayavya Labs from its existing shareholders for 2.45 billion Indian rupees, according to a BSE filing on Thursday.Under the deal, the company will pay 1.49 billion rupees in cash and 969.7 million rupees through the issue of swap shares.The remaining shareholding of 27% will be acquired after March 31, 2028, and the valuation will be linked to Vayavya Labs' business performance.Vayavya Labs is engaged in semiconductors, consumer electronics, mobility, and automotive communication and connectivity with development centers in India.The company's shares were up nearly 5% in recent trade.