New Delhi, Sept. 16 -- A penny stock under Rs.10 hit its 5% upper circuit in intraday deals on the BSE on Wednesday, 16 September. The stock, Empower India, hit a 5% upper circuit of Rs.2.50 but pared some gains to end 3.77% higher at Rs.2.48 after it said it had signed a non-binding term sheet to acquire 100% of Valiance Engineers in an all-equity transaction.

In an exchange filing on 16 September, Empower India, a technology and digital infrastructure company, announced that it had signed an indicative, non-binding term sheet with Mark AB Capital Private Limited to acquire 100% of the equity share capital of Valiance Engineers Private Limited.

According to the exchange filing, the structure of the proposed transaction is a "100% non-c...