NEW DELHI, May 11: Japanese electronics products maker Panasonic Corporation today said its Board has approved to acquire 76.2 per cent share of unlisted safety and security products firm Firepro Systems Private Ltd.
“Panasonic will acquire a portion of Firepro’s ordinary shares previously owned by investment companies…With this acquisition Panasonic shall hold 76.2 per cent of Firepro’s shares,” it said in a statement.
However, the company did not disclose the financial details.
Post acquisition, Firepro’s management will own 10.8 per cent shares, while the investment companies will hold 13 per cent.
Panasonic Corporation’s shares are listed on the Tokyo, Osaka, Nagoya and New York stock exchanges.
Firepro, a player in infrastructure protection and security space, is headquarted at Bengaluru and has an employee strength of about 800.
(UNI)
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