Triveni Engineering & Industries has received approval for acquisition of 19,07,743 fully paid-up equity shares of face value of Rs 10 each of Sir Shadi Lal Enterprises, representing 36.34% of total shareholding capital of Sir Shadi Lal Enterprises from certain promoters and members of promoter group of Sir Shadi Lal Enterprises, on and subject to the agreed terms and for per Sale Share consideration of Rs 235, aggregating to total consideration of about Rs 44.83 crore.
For this purpose, the Company has executed a Share Purchase Agreement with the Sellers as on the date hereof (SPA). The acquisition by the Company of Sale Shares under the SPA referred to as ‘Acquisition’.
The Company has also launched an open offer for acquisition of up to 26% voting share capital of the Sir Shadi Lal Enterprises on January 30, 2024 (Open Offer). The Company, in compliance of applicable laws including Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulation, 2011 (SEBI (SAST) Regulations), has now acquired the Sale Shares and cumulatively holds 32,42,879 equity shares of the Sir Shadi Lal Enterprises aggregating to 61.77% of the total shareholding of the Company. Consequently, the Sir Shadi Lal Enterprises has become a subsidiary of the Company.
The Board of Directors of Triveni Engineering & Industries at its meeting held on June 20, 2024, has inter-alia considered and approved the same.
Triveni Engineering & Industries is a focused, growing corporation having core competencies in the areas of sugar and engineering. The Company is one amongst the largest sugar manufacturers in India and the market leader in its engineering businesses comprising high speed gears, gearboxes, and water treatment solutions.
| Company Name | CMP |
|---|---|
| Shree Renuka Sugar | 28.14 |
| Bajaj Hindusthan Sug | 18.80 |
| Triveni Engg. & Inds | 393.00 |
| Balrampur Chini Mill | 486.00 |
| Dalmia Bharat Sugar | 394.05 |
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