The Board of Directors of Sansera Engineering (“Company”) at its meeting held on March 29, 2023 approved the definitive agreement for a strategic investment in MMRFIC Technology Private Limited (MMRFIC).
Acquisition terms: The Company will be paying Rs 20.0 crore in lieu of the following:
i) 1,49,250 CCPS of Rs.100/- each at a premium of Rs.1,240/- per CCPS; and
ii) 17 Equity Shares of Re 1/- each at a premium of Rs.599/- per share.
The equity percentage will be determined on conversion of CCPS based on FY24 EBITDA, which is expected to be approx. 21%. The Company has a right to increase the stake to 51% at a later date.
MMRFIC, incorporated in 2014, is a Research, Design and Manufacturing entity, building sub-systems for next generation Radars by leveraging machine learning with artificial intelligence and, mm-Wave Sensors with hybrid beam forming capabilities. MMRFIC’s turnover in FY22 was Rs INR 7.38 Cr with net profit of Rs 0.49 Cr and net worth of Rs 4.42 Cr.
The objective of the Company behind this strategic investment is mainly to:
(i) enter into high technology space and have access to a strong R&D and engineering team which can address priority market segments viz., Defence, Aerospace, Healthcare and Security. It also has the potential in the Telecom (5G) and the Automotive (autonomous driving – subsystems) technologies in future.
(ii) have access to world-class technologies.
(iii) grow this Company to be a significant player in its sectors with a further investment if required.
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