Satori Electric Co., Ltd. (TSE:7420) intends to acquire an unknown minority stake in SM Electronic Technologies Pvt. Ltd. on December 22, 2022. Satori Electric Co., Ltd. (TSE:7420) entered into an agreement to acquire additional 25% stake in SM Electronic Technologies Pvt.

Ltd. on January 13, 2023. A conclusive agreement will be signed in January 2023. Together with this transaction, Satori Electric Co., Ltd is also acquiring shares by way of subscription of a third-party allotment.

A total of 720,583 shares making 25.1% are being acquired in both the transactions combined and after completion of both the transactions, the total stake will be 50.1%. During the year ended March 31 2022, SM Electronic Technologies Pvt. Ltd. had total assets of INR 1.11 billion, net worth of INR 571 million, total sales of INR 2.316 billion and ordinary profit of INR 136 million.

As of December 22, 2022, the transaction was approved by board of directors of Satori Electric Co., Ltd. and is expected to complete on January 31, 2023.