SM Electronic Technologies Pvt. Ltd. announced that it has entered into a share allotment agreement with new investor Satori Electric Co., Ltd. on January 14, 2022. The investor will acquire 525,351 common shares of the company, representing 25.1% stake, through a third-party allotment and transfer of shares.

Post closing, the company will become an affiliated entity of the investor. The company expects to conclude a contract by the end of February 2022, and close the transaction on March 31, 2022. The transaction has been approved by board of directors of the investor.