Ador Welding Limited (BSE:517041) agreed to acquire 73.68% stake in Ador Fontech Limited (BSE:530431) for INR 1.9 billion on May 31, 2022. As part of the transaction, 5 (Five) equity shares of Ador Welding shall be issued for every 46 (forty-six) equity shares in Ador Fontech, pursuant to which, the shareholders of Ador Fontech would have 21.86% stake in Ador Welding. J. B. Advani and Company Pvt.

Ltd. is a part of the Promoter Group, holding 26.32% stake, other Promoters holding 12.91% stake and Non- Promoter, Non-Public holds 60.77% stake in Ador. Post-Merger, Promoter group holding shall be 53.04% and Public holding shall be 46.96% in Ador. The transaction is approved by the board of Ador Fontech and is subject to receipt of approvals from our shareholders, creditors, other statutory and/or regulatory authorities, as may be required, including BSE Limited, Securities and Exchange Board of India (‘SEBI') & the National Company Law Tribunal (‘NCLT'), Mumbai Bench and Bengaluru Bench.

The transaction has received the approval of NSEI and BSE. The transaction is expected to complete by March 31, 2023. Niranjan Kumar of Transaction Square LLP acted as Share Exchange Ratio Report and transaction advisor and Fedex Securities Limited acted as Fairness Opinion on the Share Exchange Ratio to Ador.