Bharat Gears Limited (NSEI:BHARATGEAR) agreed to acquire Xlerate Driveline India Limited from Raunaq EPC International Limited (BSE:537840) for INR 94.2 million on July 2, 2019. Pursuant to the terms of the transaction, Bharat Gears Limited will acquire 14.9 million shares for INR 6.33 per share. Post completion Bharat Gears Limited will hold 100% stake in Xlerate Driveline India Limited. For the financial year 2018-19 Xlerate Driveline India Limited reported total revenue of INR 465 million. Transaction is subject to the shareholders' approval of Bharat Gears Limited. As of July 2, 2019 Board of Directors of Bharat Gears Limited approved the transaction. The transaction is expected to close on or before October 31, 2019. The acquisition will be earning per share accretive in the consolidated financial statements of Bharat Gears Limited.

Bharat Gears Limited (NSEI:BHARATGEAR) cancelled the acquisition of Xlerate Driveline India Limited from Raunaq EPC International Limited (BSE:537840) on November 15, 2019. Bharat Gears cancelled the acquisition because of current adverse market conditions.