05 Nov , 2024 By : Debdeep Gupta
E2E Networks' share price rose 5 percent on November 5 after Larsen & Toubro (L&T) announced its plan to acquire a 21 percent stake in the company worth over Rs 1,000 crore.
E2E Networks specializes in providing CPU & GPU-based cloud computing platforms. The acquisition of the stake is expected to be completed by December 31.
E2E Networks stock hit a fresh all-time high in Tuesday's trading session to quote at Rs 4,977.50 apiece on the NSE, rising 5 percent, while L&T share price was trading under selling pressure to quote at Rs 3,561.90 per share on the NSE, down 0.35 percent.y
"The investment will take place via preferential allotment for a 15% stake in E2E Networks, comprising 29,79,579 Equity Shares of E2E Networks, for Rs. 1,079.27 Crore at Rs. 3,622.25/share. Investment via secondary acquisition of 6% stake, comprising of 11,91,831 Equity Shares in E2E Networks from the founder for Rs. 327.75 Crore at Rs. 2,750/share," the company said in an exchange filing.
E2E Networks operates as an Infrastructure Cloud and AI/ML/GenAI Cloud Platform, offering GPU-as-a-Service solutions tailored for mid-sized enterprises, startups, research institutions like IITs and IIITs, and fintech firms across 10 countries. Serving over 3,000 active clients, E2E Networks is the first company in India to offer both NVIDIA H100 and H200 GPUs as service on their public cloud.
The company also formed strategic alliances with major OEMs, including NVIDIA, Intel, AMD, HPE, Microsoft, and Dell.
In 2024 so far, the company has delivered over 620 percent returns.
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