New Delhi, Apr 3 (IANS): Shares of ace investor Vijay Kedia-backed Tejas Networks have gathered steam as they hit the five upper circuit for three consecutive sessions in the week that ended on Friday.

Founded in 2000, the Bengaluru-headquartered company Tejas Networks is an optical, broadband and data networking service provider.

The continued rally in share prices came at a time when the Tata Group firm Tejas Networks announced it will acquire 64.40 per cent stake in Saankhya Labs for Rs 283.94 crore in an all-cash deal.

Saankhya was founded in 2007 by technology entrepreneurs with global experience, and has developed a wide range of system and semiconductor products for cellular wireless, broadcast radios and satellite communication ground-terminals, which are deployed by customers in India and in international markets.

Pursuant to the said acquisition of equity shares, Saankhya will become a majority owned subsidiary of the Tejas Networks.

On Friday, the shares of Tejas Networks were locked in the five per cent upper circuit at Rs 448.

Since the start of the year 2022, it, however, rose just 4.9 per cent on a cumulative basis.