L&T Semiconductor Technologies Limited, a wholly owned subsidiary of the Company has entered into a Share Purchase Agreement on July 8, 2024 for acquisition of 100% stake in SiliConch Systems Private Limited.
Siliconch Systems Private Limited (“SiliConch”), headquartered in Bangalore, was incorporated in April 2016. The company specializes in the development / design of semiconductor Intellectual Property (IP) / Integrated Circuits (IC).
The acquisition is expected to add IP, engineering skillsets and design expertise to strengthen the Group’s presence in fabless semiconductor business, and thus aligns with the overall growth strategy of LTSCT.
SiliConch, with a team of 61 employees, is a fabless semiconductor design company which develops System-on-Chip IP, and has 30 granted patents across geographies. SiliConch generates revenue primarily as non-recurring engineering (NRE) revenue and license fees.
The end customers of IP’s delivered by SiliConch are OEMs and/or fabless IC companies, primarily in the U.S., who provide power management systems for smartphones, PCs, automotive, IoT and accessories.
The acquisition cost consists of an upfront amount of INR 133 Cr payable at Closing, subject to customary closing adjustments; and a deferred amount of INR 50 Cr payable over 4 years, subject to closing adjustments and achievement of certain targets and other conditions.
Shares of Larsen & Toubro Limited was last trading in BSE at Rs. 3630.60 as compared to the previous close of Rs. 3628.45. The total number of shares traded during the day was 122328 in over 9779 trades.
The stock hit an intraday high of Rs. 3645.05 and intraday low of 3594.90. The net turnover during the day was Rs. 443002555.00.
Source : Equity Bulls
Keywords
LarsenandToubro
INE018A01030
LandTSemiconductorTechnologies
Acquisition
SiliConchSystems
