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Ceinsys Tech to acquire 100% equity in Allygrow Technologies
Ceinsys Tech to acquire 100% equity in Allygrow Technologies
Ceinsys Tech Ltd, an IT arm of flagship Meghe Group, on Wednesday said that its board of directors has approved the acquisition of 100 per cent equity in Allygrow Technologies Private Limited from existing shareholders.
Ceinsys Tech Ltd, an IT arm of flagship Meghe Group, on Wednesday said that its board of directors has approved the acquisition of 100 per cent equity in Allygrow Technologies Private Limited from existing shareholders. The equity stakes will be acquired 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.
Allygrow is a technology-driven company having a presence in the US, Europe and India and specializing in product design and robotics automation (manufacturing engineering) services.
Sagar Meghe, Non-Executive Director and Chairman, Ceinsys, said, "The recent acquisition of Allygrow expands our capabilities in the core engineering design, development and manufacturing engineering services. Allygrow expands on our ability to serve global clients across various industries with their core expertise in Automotive and aerospace engineering. We are pleased to welcome Prashant and Allygrow's employees onboard and look forward to help our customers innovate at scale and deliver them next-generation solutions".
Dr. Abhay Kimmatkar, Managing Director, Ceinsys, said, "The acquisition would enable expand Ceinsys business domains globally through Allygrow international presence. Allygrow will add to the value chain of Ceinsys Tech's offerings for its customers. The synergies expand its horizons to Automotive. Ceinsys will have a unique positioning as an Indian brand with wide exposure & competencies in AEC & Manufacturing segments."
Prashant Kamat, Chief Executive Officer, Allygrow said, "We are excited to partner with Ceinsys and the Meghe Group on our journey of building the leading specialized engineering service provider. This strategic partnership indeed is an important milestone in Allygrow's journey, which is in line with our growth strategy 'Partnering for Growth'. We are excited at the prospect of leveraging the global expertise of both organizations and building a strong partnership based on state-of-the-art engineering skills."
Ceinsys Tech Ltd (formerly ADCC Infocad Limited) is a CMMI (SVC & DEV) Level 5 and a BSE Listed company. Ceinsys Tech Ltd is an IT arm of flagship Meghe Group which has a prominent presence in Central India. The Company is headquartered in Nagpur, Maharashtra having a corporate office in Mumbai and branches in Delhi and Lucknow.
