Triveni Engineering and Industries Ltd. acquired 25.43% stake in Sir Shadi Lal Enterprises Limited

Triveni Engineering & Industries Ltd. ('Triveni'/ 'Company'), one of the largest integrated sugar producers in the country, a leading player in engineered-to-order high speed gears & gearboxes and water and wastewater management business, today announced acquiring 25.43% stake in Sir Shadi Lal Enterprises Limited (SSEL).

Pursuant to a Share Purchase Agreement executed with Mr Vivek Viswanathan and Ms Radhika Viswanathan Hoon on January 30, 2024, the Company has on March 11, 2024 acquired 25.43% equity stake in SSEL for an aggregate consideration of ₹ 35 crore, i.e. at a price of ₹ 262.15 per equity share of SSEL.

With an intent to acquire majority stake in SSEL, the Company had launched an open offer pursuant to Regulations 3(1) and 4 of SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 2011 to the shareholders of SSEL to acquire up to 26% of the outstanding voting share capital of SSEL at a price of ₹ 262.15 per share in cash. The acquisition is in line with the objective to expand its business operations in Sugar and Alcohol businesses.

Commenting on the transaction Mr Tarun Sawhney, Vice Chairman and Managing Director, said that "This is a strategic acquisition due to synergies in both businesses. The Company would look to further expand the business and drive the next growth phase of the SSEL."

Cyril Amarchand Mangaldas (CAM) are acting as Legal Advisor to the Company and Ambit Private Limited are acting as Manager to the open offer.

Shares of Triveni Engineering & Industries Limited was last trading in BSE at Rs. 322.50 as compared to the previous close of Rs. 334.95. The total number of shares traded during the day was 62062 in over 2413 trades.

The stock hit an intraday high of Rs. 339.25 and intraday low of 321.65. The net turnover during the day was Rs. 20272894.00.

Source : Equity Bulls

Keywords

TriveniEngineeringandIndustries INE256C01024 StakeAcquisition SirShadiLalEnterprises