Infosys is all set to venture into the space tech sector with a strategic investment in GalaxEye Space Solution. GalaxEye is incubated at IIT Madras and headquartered in Bengaluru and is at the forefront of developing multi-sensor satellites and synchronisation platforms.
The global IT giant strikes an investment deal worth ₹17 crore (approximately $2 million) in space tech startup GalaxEye Space Solutions. Infosys share price closed in the green, up 0.26 percent at ₹1,897.00, on September 19, on NSE. The company enjoys a market capitalization of ₹7,87,659.95 crore. Infosys stock price hit its 52-week high on September 2, 2024, at ₹1,975.75, as per NSE.
Infosys announced in a filing that it plans to invest through a mix of equity and Series A compulsory convertible preference shares. They expect to wrap up this all-cash deal by September 30, 2024, giving them a minority stake of up to 20% in GalaxEye’s total shareholding.