Nahar Industrial Enterprises Limited (BSE:519136) agreed to acquire remaining 52.34%stakes in Cotton County Retail Limited on March 12, 2021. Under the terms of transaction,Nahar will issue equity shares to Cotton Country that is Nahar will issue 2 shares of its against the every 3 shares of Cotton Country. Post completion of transaction, Cotton County Retail Limited will be amalgamated into Nahar Industrial Enterprises Limited.

For Year ended March 21, 2020, The Cotton County had turnover of INR 73.2 million and net worth of INR of 818.7 million. Transaction is subject to approval of Nahar industrial Board and shareholders along with that approval from creditors. Transaction is subject to regulatory and National company law tribunal approval as well.

The Board of Directors will held a meeting to consider the scheme of arrangements for amalgamation on March 20, 2021. On March 20, 2021. On August 27, 2021, The Board of Directors of Nahar Industrial Enterprises had approved Scheme of Amalgamation and the Scheme is subject to necessary statutory approvals.