Hella Infra Market Private Limited made an offer to acquire a 26% stake in Shalimar Paints Limited (BSE:509874) for INR 3.5 billion on September 27, 2023. As on October 13, 2023, the offer price was revised to INR 169.50 per share. As on January 30, 2024, the offer price was revised to INR 180.10 per share. As on February 7, 2024, the offer price was revised to INR 200 per share. The recommendations were unanimously approved by the members of IDC present at the meeting held on February 7, 2024.. Swastika Investmart Limited (BSE:530585) acted as a financial advisor to Hella Infra.

Hella Infra Market Private Limited completed the acquisition of a 15.11% stake in Shalimar Paints Limited (BSE:509874) for INR 2.5 billion on February 26, 2024.