Numeric Power Systems was locked in 20% upper circuit at Rs 281 after its board approved sale of the company's UPS business to M/s. Indo Asian Electric Pvt. Ltd. a wholly owned subsidiary of Legrand France SA for a consideration of Rs 837.08 crore.

The sale is subject to the consent of shareholders of the company, applicable statutory and other regulatory approvals.

“The company has day entered into a Business Transfer Agreement with M/s. Indo Asian Electric Pvt. Ltd to give effect to this transaction," the heavy electrical equipment maker said in a filing to the stock exchanges.

Meanwhile, the company will continue to carry on other activities like green energy - solar and wind power, iron and alloy foundry production, LED lighting, etc, it added.

A combined 12,000 shares have changed hands on the counter on opening deals and there are pending buy orders for 157,509 shares on the NSE and BSE.