A penny stock under ₹10 hit its 5% upper circuit in intraday deals on the BSE on Wednesday, 16 September. The stock, , hit a 5% upper circuit of ₹2.50 but pared some gains to end 3.77% higher at ₹2.48 after it said it had signed a non-binding term sheet to acquire 100% of Valiance Engineers in an all-equity transaction.
In an exchange filing on 16 September, Empower India, a technology and digital infrastructure company, announced that it had signed an indicative, non-binding term sheet with Mark AB Capital Private Limited to acquire 100% of the equity share capital of Valiance Engineers Private Limited.
According to the exchange filing, the structure of the proposed transaction is a “100% non-cash share swap via the preferential allotment of fresh equity shares of Empower India, establishing Valiance Engineers as a wholly owned subsidiary.”
The proposal comes as Empower India continues to explore opportunities in emerging technology, infrastructure, and engineering-led businesses. The company has recently announced its strategic expansion into sustainable digital infrastructure solutions, reflecting its focus on participating in new-age infrastructure opportunities.
“This proposed transaction represents a disciplined, value-accretive milestone in Empower India’s roadmap. By utilising a share-swap framework, we are expanding our core operating platform into complex engineering and infrastructure while keeping our balance sheet unleveraged and liquid,” said Rajesh Chavan, Managing Director, Empower India.
“Valiance Engineers brings critical process engineering expertise, an extensive domestic footprint, and proven North American delivery capabilities through Lauren Engineers. This structural combination equips Empower India to execute large-scale, sustainable infrastructure projects at the intersection of energy transition and digital growth,” said Chavan.
Empower India share price trend
The penny stock has delivered a multibagger return of 118% over the last six months, according to the BSE data.
It hit a 52-week high of ₹2.83 on 13 May after hitting a 52-week low of ₹1.03 on 30 March this year.
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