HFCL acquires major stake in Polixel Security for Rs 11 cr

New Delhi, Telecom equipment firm HFCL today announced acquisition of majority stake in surveillance firm Polixel Security with additional investment of Rs 11 crore.

"The company has acquired 1,60,000 equity shares of Polixel Security Systems Private Limited (Polixel), thereby the total equity holding of the company in Polixel has reached up to 94 per cent and accordingly Polixel has become the subsidiary of the company with effect from August 9, 2016," HFCL said in a regulatory filing.

HFCL purchased 1.6 lakh shares in Polixel at a share price of Rs 687.5 a unit aggregating to Rs 11 crore. The fresh shares acquired accounts for 88.47 per cent of Polixel.

Polixel is engaged in business of integrated security and surveillance solutions like CCTV , traffic management, fire alarm etc. It was incorporated on February 15, 2010 and closed last fiscal with annual turnover of Rs 28.72 crore.

Shares of HFCL closed 0.59 per cent higher at Rs 17.1 a unit on BSE today.

PTI