Ace investor Vijay Kedia-backed Tejas Networks’ shares hit an upper circuit of 5 per cent for the sixth straight time on Wednesday. The stock during this period has gained over 34 per cent on the BSE.  

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As per December 2021 shareholding pattern, Vijay Kedia held 3,900,000 equity shares, which aggregates to about a 3.4 per cent stake in Tejas Networks. The renowned investor publicly holds 15 stocks with a net worth of over Rs 635.1 crore, as per the stock analysis website trendlyne.com. 

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The counter surged mainly after the company acquired a 64 per cent controlling stake in Saankhya Labs Private Limited for Rs 283.94 crore in cash, it said in a filing on March 30, 2022. Saankhya is a premier wireless communication and semiconductor solutions company based out of Bengaluru. 

"The acquisition is upon procuring all necessary consents and approvals. Tejas Networks also intends to proceed with acquiring the balance 35.6 per cent through a merger process or a secondary acquisition. The initial acquisition of Saankhya shares is expected to close within the next 90 days," the company had said. 

It added, “The acquisition of Saankhya will enhance the Tejas Networks’ wireless offerings by adding 5G ORAN, 5G cellular broadcast, and satellite communication products to its product portfolio. It will add to the company’s customer base in India and international markets.” 

“The acquisition will enhance our IPR portfolio with 73 patents (41 granted and 32 filed) along with hardware and software design. It will bring in-house, fabless semiconductor chip design expertise for specialized applications,” the filing also said. 

In the last year, the stock has gained 180 per cent on the BSE as compared to over 21 per cent rise in the S&P BSE Sensex. It had touched Rs 570.2 apiece as a 52-week high on October 05, 2021, and Rs 157 per share as a 52-week low on April 19, 2021.