Axiscades Technologies Ltd announced on Monday that it has successfully finished refinancing Rs 210 crore of its existing borrowed for the acquisition of engineering company Mistral Solutions.

Shares of the technology solutions firm hit the upper circuit in the early opening hours on Tuesday. The stock was trading at Rs 475.75, up 5% from the previous closing price on the National Stock Exchange (NSE). 

Axiscades Technologies shares have touched new 52-week highs for the third-straight session on Tuesday, driven by a 55% increase in its consolidated net profit. Mistral Solutions is experienced in semiconductor, embedded electronics, defence and product engineering.

According to the exchange filing, the acquisition of Mistral Solutions was initiated in 2017 and executed over four phases at an aggregate cost of Rs 296 crore and was completed last December. The latest debt refinancing would reduce the company’s interest costs by approximately 400 basis points annually.