Shares of Kaynes Technology India Ltd. were trading in the green and 1% higher on 30 September amid a muted market after the company announced signing a share purchase agreement (SPA) to acquire a 100% stake in Iskraemeco India. 

Iskraemeco Switzerland A.G. and Iskraemeco Merjenje owned 100% of the smart meter company Iskraemeco India, which is now fully owned by Kaynes Technology. 

This strategic acquisition, which will cost Rs 43 crore, is anticipated to strengthen the company’s offerings in energy management systems.

As a part of the agreement, the company will acquire 4,29,85,975 equity shares at a price of Rs 10 each. 

Kaynes Technology India (KTI) is a key player in the electronics system design and manufacturing (ESDM) sector, offering end-to-end services across the Internet of Things (IoT) space. Their expertise spans from conceptual design to final production, enabling comprehensive solutions for a variety of electronics needs. KTI’s integrated approach makes it a standout in the IoT and electronics manufacturing ecosystem.

The company Iskraemeco India is involved in smart meters’ supply, setup, management, and upkeep. 

However, at 12:35 pm, Kaynes Technology’s shares were trading in red, lower by 2.21% at Rs 5,430 on NSE. 

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