HFCL Ltd to acquire 15% stake in Nivetti Systems

Posted On: 2020-01-08 18:31:15

HFCL Limited (formerly Himachal Futuristic Communications Ltd.) has signed a Share Subscription Agreement ("Agreement") on January 7, 2020, with Nivetti Systems Private Limited [CIN: U72200KA2014PTC073690), having its registered office at 4th and 5th Floor, Mech Block, PESIT South Campus, Hosur Road, Bangalore - 560 100 ("Nivetti") and the existing promoters of Nivetti, to acquire 15% of the diluted paid-up equity share capital of Nivetti, in one or more tranches, by way of subscribing to its fresh equity. Nivetti would be acquired by way of subscribing to fresh equity shares of Nivetti at a total cash consideration of ~Rs.15.95 crores. The Company is acquiring stake in Nivetti, keeping in line with thrust on addition of next generation products and solutions in its portfolio for telecom network and cyber security system space. The acquisition would result in increasing Company's offerings of best in class networking and cyber security products & solutions resulting in growth in its Telecom, IT, Cyber Security & Surveillance business. Nivetti is a new age Indian networking and cyber security company which is rethinking the way network and cyber security systems are to be built for trusted and secure communication in the era of shared network infrastructure and disaggregation of hardware and software. Nivetti's Network Operating System (NiOS), which is India's first indigenous Network Operating System delivers highly secure and scalable platform for hyper scale software defined networks running on custom hardware, White-box and Virtualized environments. Nivetti's products include IP / MPLS Routers, Ethernet Switching portfolio that includes L2/L3 Switches, Carrier Ethernet & Cloud Management, Cloud Networking and Cyber Security Products & Solutions. Cyber Security products include HawkSecure™, an AI/ML based Threat detection, Visualisation & Forensics platform and Clay Net. Shares of HIMACHAL FUTURISTIC COMMUNICATIONS LTD. was last trading in BSE at Rs.17.3 as compared to the previous close of Rs. 17.3. The total number of shares traded during the day was 150373 in over 504 trades. The stock hit an intraday high of Rs. 17.5 and intraday low of 17.05. The net turnover during the day was Rs. 2590397.

Source: Equity Bulls