GSS Infotech gains 5% on board nod to acquire agro-based Polimeraas

Gss Infotech share price, gss infotech, Gss Infotech stock price, Gss Infotech news, Gss Infotech stock update, Polimeraas

NEW DELHI: Shares of

GSS Infotech

gained 5 per cent in early trade on Tuesday as the smallcap Information Technology (IT) player said that its Board of Directors had approved a 100 per cent acquisition of ‘farm-to-store’ firm Polimeraas.

GSS’ scrip rose to a high of Rs 134.50 as against the previous close of Rs 128.10 on the National Stock Exchange.

In a press release on Monday, Hyderabad-based GSS Infotech said that it would make the purchase of Polimeraas through a combination of stock and cash and that the deal was valued at Rs 250 crore.

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“The merger of Polimeraas Agros with GSS Infotech will be through a scheme transaction subject to the approval of the shareholders, stock exchanges and regulatory authorities,” reports quoted Bhargav Marepally, Chief Executive Officer of GSS Infotech as saying.

The merger shall be through a scheme transaction subject to the approval of the shareholders, stock exchanges and regulatory authorities, reports said.

Polimeraas’s primary business is sale of agricultural products, semi and fully processed food and other home consumption products. The company has 75 stores in Hyderabad and Bengaluru.

GSS Infotech specialises in application development, e-commerce & cloud, security, remote infrastructure management and application management services.

According to its statement, GSS Infotech aims to expand the network of the ‘farm-to-store’ company to over 100 stores. Additionally, the IT company plans to launch online fulfilment of services through mobile applications.

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