AXISCADES Engineering Technologies Limited (BSE:532395) agreed to acquire 88% stake in Mistral Solutions Pvt. Ltd. for INR 1.7 billion on November 6, 2017. The acquisition will be completed in a phased manner. As per the terms of agreement AXISCADES Engineering Technologies Limited will acquire 43.38% of Mistral Solutions Pvt. Ltd. in phase 1 for approximately INR 700 million for cash and will acquire 44.62% of Mistral Solutions Pvt. Ltd. in phase 2. In phase 2 the swap ration will be 10:69, i.e. 10 equity shares of ACETL to be issued for every 69 shares of Mistral Solutions Pvt. Ltd. Based on swap ratio AXISCADES Engineering Technologies Limited will issue 3.5 million shares. AXISCADES Engineering Technologies Limited to have Board Control post phase 1 and accordingly to consolidate Mistral financials starting Q3 FY18. Transaction funding for phase 1 will be through long term debt and is fully tied up. Post Phase 1 and Phase 2, AXISCADES Engineering Technologies Limited to own 88% Stake in Mistral Solutions Pvt. Ltd. AXISCADES Engineering Technologies Limited will have the right to acquire the balance minority stake in Phase III from Mistral's shareholders by the end of the fifth year. Mistral Solutions reported the revenues of INR 1.3 billion for the year ended March 31, 2017. Following the acquisition, the current founders and management team will continue to run the operations. Phase 1 is expected to close in 45 days and Phase 2 is expected to take around 9 months from date of filing the documents with Stock Exchanges, subject to statutory approvals. As of December 15, 2017, AXISCADES Engineering Technologies Limited completed the Phase 1 of acquisition. As of March 8, 2019, National Company Law Tribunal approved the transaction. As on July 4, 2020, the arbitration proceedings have been initiated. As on August 17, 2022, agreements entered into between AXISCADES, Mistral Solutions Private Limited, ("Mistral"), Explosoft Tech Solutions Private Limited ("Explosoft", the shareholder of Mistral), the promoters of Explosoft and other shareholders, for the 100% acquisition of Mistral by AXISCADES Technologies Ltd and the completion of Phase Ill of the acquisition. The acquisition is EPS accretive.

Siddhartha George, Rohan Kumar, Sunita Kamath and Pragnya Sridhar of Poovayya & Co. acted as legal advisor to AXISCADES Engineering Technologies Limited and Kosturi Ghosh, Vallishree Chandra, and Adhunika Premkumar of TriLegal Partners acted as legal advisor to Mistral Solutions Pvt. Ltd.

AXISCADES Engineering Technologies Limited (BSE:532395) completed the acquisition of 88% stake in Mistral Solutions Pvt. Ltd. for INR 1.7 billion on December 23, 2022.