Optiemus Infracom Announces Acquisition of 23.8 Million Shares in BIGTech

In a strategic move to strengthen its presence in the manufacturing sector, Optiemus Infracom Limited announced on February 21, 2025, that its Operations and Administration Committee of the Board of Directors has approved the acquisition of 23.8 million equity shares in Bharat Innovative Glass Technologies Private Limited (BIGTech). This acquisition is part of a rights issue subscription and underscores Optiemus Infracom’s commitment to supporting its joint venture’s growth and expansion plans.

Here’s a detailed breakdown of the transaction and its significance:

Transaction Details

1. Target Entity:

   • Bharat Innovative Glass Technologies Private Limited (BIGTech), a joint venture cum subsidiary of Optiemus Infracom Limited.

2. Nature of Transaction:

   • Optiemus Infracom will subscribe to the rights issue of BIGTech.

3. Number of Shares Acquired:

   • 23,800,000 equity shares.

4. Face Value and Offer Price:

   • INR 10 per share.

5. Total Consideration:

   • INR 23.80 crores, to be paid in cash.

6. Post-Acquisition Shareholding:

   • After the acquisition, Optiemus Infracom will hold 67,664,800 shares in BIGTech, representing 70% of the total shares.

7. Completion Date:

   • The transaction is expected to be completed on or before March 31, 2025.

8. Related Party Transaction:

   • BIGTech is a joint venture cum subsidiary of Optiemus Infracom, making it a related party. However, the transaction is conducted at arm’s length, and the Promoter/Promoter Group/Group companies of Optiemus Infracom have no interest in BIGTech beyond the shares held by Optiemus.

About BIGTech

1. Industry:

   • Manufacturing, specifically focused on producing finished cover glass for mobile consumer electronic devices and other applications.

2. Turnover and Net Worth:

   • As of March 31, 2024, BIGTech’s turnover was Nil, and its net worth stood at Rs. 7.80 Lakhs.

   • BIGTech was incorporated on October 4, 2023.

3. Background:

   • BIGTech is setting up a manufacturing facility in Tamil Nadu to produce cover glass for next-generation mobile consumer electronic devices.

   • It is a joint venture between Optiemus Infracom Limited and Corning International Corporation, a global leader in materials science.

Objective of the Acquisition

1. Funding Support:

   • To help BIGTech meet its fund requirements for setting up the manufacturing facility and covering other business-related expenses.

2. Ownership and Control:

   • To maintain ownership and control in the joint venture cum subsidiary.

3. Brand Enhancement and Value Creation:

   • To enhance Optiemus Infracom’s brand image and create long-term value for its stakeholders.

The acquisition of 23.8 million shares in BIGTech is a strategic step by Optiemus Infracom to bolster its joint venture’s capabilities in the high-growth cover glass manufacturing sector. By supporting BIGTech’s expansion plans, Optiemus Infracom aims to strengthen its position in the manufacturing industry and capitalize on the growing demand for next-generation mobile consumer electronic devices.

This move not only aligns with Optiemus Infracom’s long-term vision but also highlights its commitment to innovation and value creation for its stakeholders. Stay tuned for more updates on this exciting development!