Board approves acquisition of remaining 49% stake in Cyient Solutions and Systems
Cyient's Board has approved buying the remaining 49% stake in Cyient Solutions and Systems Private Limited (CSSPL) from Blue Bird Aero Systems Limited, Israel.
By ScoutQuest · · 2 min read
- Consideration
- cash, at INR 1,00,000
- Stake Acquired
- remaining 49% stake in Cyient Solutions and Systems Private Limited (CSSPL); post-deal holding 100%
- Indicative Completion Time
- 120 days
What the company said
Cyient's Board has accorded approval for the acquisition of the remaining 49% stake in Cyient Solutions and Systems Private Limited (CSSPL). The stake is being bought from Blue Bird Aero Systems Limited, Israel. Cyient currently holds 51% of CSSPL, and after this acquisition it will hold the entire 100% stake, making CSSPL a wholly owned subsidiary.
Deal terms
- Consideration is cash.
- Cost of acquisition or price per the update: INR 1,00,000.
- Indicative time period for completion: 120 days.
- The acquisition is subject to completion of applicable corporate, FEMA, tax and statutory compliances.
About the company being acquired
- CSSPL was incorporated in April 2017.
- Its business is manufacturing, assembling, integrating, testing and sale of unmanned aerial systems.
- It operates in the Aerospace/Defense industry.
- History of last 3 years turnover: NIL.
Why the company says it is doing this
The stated object is that the acquisition will help Cyient hold 100% stake in CSSPL. The update adds that the main business of CSSPL is in line with the main business of Cyient.
Related party position
The update states the transaction does not fall within the ambit of related party transactions. It also states that neither the promoter/promoter group nor group companies have any direct interest in the transaction, except to the extent of their shareholding in Cyient.
What a retail investor may take away
This is a move to full ownership of an existing subsidiary in the unmanned aerial systems space, rather than an entry into a new business. The update describes the consideration as cash at INR 1,00,000 and quotes a turnover history of NIL for the last 3 years for CSSPL, so the immediate financial scale of the entity as disclosed is small. Completion is indicated at 120 days and is subject to the compliances mentioned in the update.
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More numbers
- Remaining stake in CSSPL being acquired49%
- Cyient's existing holding in CSSPL51%
- Holding in CSSPL after the acquisition100%
- Cost of acquisitionINR 1,00,000
- Indicative time period for completion120 days
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