Shree Global Tradefin Limited (BSE:512463) entered into a share purchase agreement to acquire an additional 46.12% stake in Lloyds Steels Industries Limited (BSE:539992) for approximately INR 300 million on January 28, 2021. Pursuant to the terms of the transaction, Shree Global Tradefin Limited shall issue 92.2 million shares to Firstindia Infrastructure Private Limited against the acquisition of 288.1 million shares of Lloyds Steels Industries Limited, whereas Shree Global Tradefin Limited shall issue 40.4 million shares to Metallurgical Engineering and Equipments Limited against the acquisition of 126.4 million shares of Lloyds Steels Industries Limited. In a related transaction, Shree Global Tradefin Limited made an offer to acquire 26% stake in Lloyds Steels Industries Limited. As a result of this acquisition, stake of Shree Global Tradefin Limited, in Lloyds Steels Industries Limited will increase from 7.27% to 53.39% and sellers will not hold any stake. The transaction is subject to approval from shareholders of Shree Global Tradefin Limited in an extraordinary shareholder meeting scheduled to be held on March 30, 2021. The transaction has been approved by the board of Shree Global Tradefin Limited in a meeting held on January 28, 2021. As of January 28, 2021, the indicative time period for completion of the acquisition is approximately 3 to 4 months.

Shree Global Tradefin Limited (BSE:512463) completed the acquisition of an additional 46.12% stake in Lloyds Steels Industries Limited (BSE:539992) on April 28, 2021.