Pitti Engineering Limited (BSE:513519) signed an agreement to acquire Bagadia Chaitra Industries Private Limited for an enterprise value of INR 1.2 billion on March 11, 2024. The cost of acquisition would be arrived at, by adjusting the said Enterprise Value for the Net Debt and Working Capital changes on the Closing Date and subject to other adjustments that are mutually agreed between the parties. As part of the overall consideration, Pitti will infuse up to INR 400 million as funding into Bagadia Chaitra, on closing date, to repay the existing debt in Bagadia Chaitra.

Closing of the proposed acquisition is subject to fulfilment of condition precedents.