Axon Infotech to acquire 51% stake in Bangalore firm
Axon Infotech to acquire 51% stake in Bangalore firm >The board of directors (BoD) of Axon Infotech, (Q, N,C,F)* at its meeting held on Sep. 27, 2007, decided to acquire 51% stake at in Quasar Innovations and make it as its subsidiary. For the acquisition, board decided to ramp up financial resources and also requested Quasar innovation to finalize their audited balance sheet for the financial year 2006-07 for the acquisition process. Quasar is situated in Bangalore an d has grown at 300% year on year since its inception. Quasar also has liaison offices in North America and Europe to serve its international customers. The company also has strong ties with market leaders such as Motorola, Ericsson and Texas Instruments.
Shares of the company gained Rs 44.45 , or 7.16%, to Rs 665. The total volume of shares traded were 1,182 at the BSE.(Friday ).
