Shriram Pistons & Rings : Acquisition

January 12, 2023

Listing Department

National Stock Exchange of India Ltd.

Exchange Plaza,

Bandra Kurla Complex, Bandra (East)

Mumbai - 400 051

ISIN No. INE526E01018

Company Symbol: SHRIPISTON

Sub: Intimation under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

Ref.: Shriram Pistons & Rings Limited ("SPRL") Letter dated December 15, 2022

Dear Madam /Sir,

This is in continuation to our letter dated December 15, 2022 (attached as Annexure 1), wherein we had informed that the Board of Directors of SPRL and SPR Engenious Limited ("SEL"), a wholly owned subsidiary of SPRL, in their meeting(s) held on December 15, 2022, had approved the acquisition of 51% equity shares in EMF Innovations Private Limited ("EMFI"), Singapore backed electric motor design and manufacturing specialist Company.

We wish to inform you that SEL has completed the aforesaid acquisition on January 11, 2023 and accordingly, EMFI has become a subsidiary of SEL and a step down subsidiary of SPRL.

The above information is being submitted in terms of provision of Regulation 30 of SEBI (LODR) Regulations, 2015 read with SEBI Circular No. CIR/CFD/CMD/4/2015 dated September 9, 2015.

We request you to kindly take the same on record.

Thanking You,

Yours Faithfully

PANKAJ GUPTA

Digitally signed by

PANKAJ GUPTA Date: 2023.01.12 14:43:27 +05'30'

(Pankaj Gupta)

Company Secretary

Encl: as above

Annexure 1

December 15, 2022

Listing Department

National Stock Exchange of India Ltd.

Exchange Plaza, Plot No. C/1, G Block,

Bandra Kurla Complex, Bandra (East),

Mumbai 400 051

ISIN No. INE526E01018

Company Symbol: SHRIPISTON

Sub.: Shriram Pistons & Rings Limited to invest for majority stake in Singapore backed electric motor design and manufacturing specialist Company i.e.EMF Innovations Private Limited through SPR Engenious Limited (wholly owned subsidiary of SPRL)

Ref.: Intimation under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

Dear Madam/Sir,

With reference to the captioned subject, we are pleased to inform that the Board of Directors of SPRL and meeting(s) held on December 15, 2022, has approved the acquisition of 51% equity shares in

EMF Innovations Private Limi.

In this regard, please find enclosed the following:

1. Details required to be disclosed pursuant to Regulation 30 of the Listing Regulations read with the SEBI Circular No. CIR/CFD/CMD/4/2015 dated 9 September 2015 in Annexure 1 and
2. Press Release on the said acquisition in Annexure 2.

We request you to kindly take the same on record.

Thanking You,

Yours Faithfully

(Pankaj Gupta)

Company Secretary

Encl: As above

purpose Machinery & equipment, Transport equipment)

diversification and growth in areas other than IC Engines, Shriram Pistons & Rings Ltd. (SPRL) has taken a strategic call to diversify its existing product portfolio in the new areas related to the automotive segment and the New Energy Vehicle in the global arena.

EMFI comes across as a strategic initiative which SPRL has been pursuing for the reasons given below:

i. EMFI is a young Technology company

co-foundedby engineering entrepreneurs with substantial R&D and operations in India and Singapore thereby providing localized cost effective e-mobilitysolutions to customers in India and abroad. EMFI has

electronics & motors research base and

extensivesemi-automatedmanufacturing eco-systemto deliver reliable EV Motors and Controllers for green mobility solutions and various other applications.

Annexure 1

S No.

Particulars

Details

• Name of the Target entity, details in EMF Innovations Private Limited (EMFI)

brief such as size, turnover etc.;	Authorised Capital: Rs. 35,00,00,000/-
	Paid up Share Capital: Rs. 9,97,29,550/-
	Turnover of EMFI is in the range of INR 170 Mn.

• Whether the acquisition would fall within related party transaction(s)

and whether the promoter/ promoter group/ group companies

	have any interest in the entity being	No
	acquired? If yes, nature of interest
	and details thereof and whether the
3	Industry to which the entity being	Automotive Industry (Manufacturing - Electrical
	acquired belongs;	equipment, General Purpose and Special

4 Objects and effects of acquisition (including but not limited to, disclosure of reasons for acquisition of target entity, if its business is outside the main line of business of the listed entity)

1. 
   Drivetrain components such as Electric Motors and Motor Controllers for the Electric Vehicle (EV) & other applications,
   growth.

• Brief details of any governmental or

	regulatory approvals required for	None
	the acquisition
6	Indicative time period for	The proposed acquisition is likely to be
	completion of the acquisition	completed on or before February 15, 2023.

• Nature of consideration - whether

	cash consideration or share swap	Nature of Consideration will be Cash
	and details of the same
8	Cost of acquisition or the price at	SEL will acquire 51% stake in the share capital
	which the shares are acquired	(on a fully diluted basis) of EMFI, for a total
		consideration not exceeding INR 780.04 Mn., as
		below:
		a.	Subscription of 20,32,316 Equity Shares at
			a price of Rs. 127.40 per share as Primary
			Subscription through a private placement
			procedure and
		b.	Purchase of 40,90,372 Equity Shares
			through Secondary Purchase at a price of
			Rs. 127.40 per share
9	Percentage of shareholding /	SEL will acquire 51% stake in the share capital
	control acquired and / or number of	(on a fully diluted basis) of EMFI, for a total
	shares acquired	consideration not exceeding INR 780.04 Mn., as
		below:
		a.	Subscription of 20,32,316 Equity Shares at
			a price of Rs. 127.40 per share as Primary
			Subscription through a private placement
			procedure and
		b.	Purchase of 40,90,372 Equity Shares
			through Secondary Purchase at a price of
			Rs. 127.40 per share

10 Brief background about the entity	EMFI is a Singapore backed Company
acquired in terms of products/line	incorporated on May 13, 2016 under the
of business acquired, date of	Companies	Act,	2013	(CIN:
incorporation, history of last 3 years	U29309TZ2016PTC027538) having its registered
turnover, country in which the	office at Coimbatore, Tamilnadu.

acquired entity has presence and any other significant information

EMFI is a specialist in electric motor design and manufacturing with a vision to accelerate the EV revolution for a sustainable future, delivering cost-effective and reliable electric motors and controllers for the mobility sector to reduce carbon emissions in transportation.

EMFI offers a wide range of BLDC Hub motors & Inner Rotor Motors and Controllers alongwith Internal Permanent Motors (IPM), Permanent Magnet Synchronous Motors (PMSMs) and as well as Switch Reluctance Motors (SRM). To

BLDC hub motor manufacturing plant in Coimbatore, Tamilnadu, which has been -of-the-artsemi-automated plant is supported by an extensive network of local suppliers that have been carefully nurtured to meet its price and quality standards, resulting in the production of motors that can truly be considered Made in India and meeting global standards.

Turnover:

FY 2021-22 - INR 103 Mn.

FY 2020-21 - INR 18 Mn.

FY 2019-20 INR 2 Mn.