Mercury EV-Tech Limited has informed exchanges that its board has approved the proposal to acquire a 70 per cent stake in Haitek Automotive Private Limited. As part of this acquisition, the company will acquire 3,50,000 equity shares of Haitek Automotive.

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"Approved the acquisition/purchase of 70% stake in Haitek Automotive Private Limited, equivalent to 350,000 equity shares of Rs.10/- each at a price of Rs.10/- each, total consideration being Rs.35,00,000," the company said in an exchange filing.

Following this, Haitek Automotive Private Limited will be considered a subsidiary company of Mercury EV-Tech Limited - which is engaged in the manufacturing of electric vehicles like scooters, cars, buses, etc.

Meanwhile, benchmark indices rebounded in early trade on Tuesday, after a sharp decline in the previous trade, amid buying in IT stocks and recovery in Japanese markets.

The BSE Sensex climbed 348.1 points to 84,647.88 in early trade. The NSE Nifty went up by 96.75 points to 25,907.60.

From the 30 Sensex firms, Tech Mahindra, Larsen & Toubro, State Bank of India, Bajaj Finserv, Infosys and Power Grid were the major gainers.