March 12, 2024
admin
Triveni Engineering acquires 25.43% stake in Sir Shadi Lal Enterprises for Rs 35 cr
Triveni Engineering & Industries Ltd, an integrated sugar producer in the country, a leading player in engineered-to-order high speed gears and gearboxes and water and wastewater management business, on Monday announced that it has acquired a 25.43 per cent stake in Sir Shadi Lal Enterprises Limited (SSEL).
“Pursuant to a Share Purchase Agreement executed with Vivek Viswanathan and Radhika Viswanathan Hoon on January 30, 2024, the company has on March 11, 2024 acquired 25.43 per cent equity stake in SSEL for an aggregate consideration of Rs 35 crore, i.e. at a price of Rs 262.15 per equity share of SSEL,” it said in a statement.
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 per cent of the outstanding voting share capital of SSEL at a price of Rs 262.15 per share in cash. The acquisition is in line with the objective to expand its business operations in sugar and alcohol businesses.
Tarun Sawhney, Vice Chairman and Managing Director, said, “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, the company stated.
Quicklinks
