Sona Comstar to acquire 54% stake in Serbian firm NOVELIC; stock jumps 9%

Sona Comstar will acquire this 54 per cent equity stake in NOVELIC for euro 40.5 million through a combination of primary and secondary purchases

Shares of Sona BLW Precision Forgings (Sona Comstar) zoomed 9 per cent to Rs 458.90 on the BSE in Tuesday's intra-day trade after the company said it has signed an agreement to acquire 54 per cent equity stake in Serbian firm NOVELIC.

Sona Comstar is one of the leading global providers of automotive technology solutions. The company is a leading supplier to the fast-growing global Electric Vehicle (EV) market. NOVELIC, meanwhile, is a leading provider of mmWave radar sensors, perception solutions and full-stack embedded systems.

Sona Comstar will acquire this 54 per cent equity stake in NOVELIC for