Triveni Engineering & Industries Limited made an offer to acquire 26% stake in Sir Shadi Lal Enterprises Limited from shareholders for approximately INR 360 million.

Triveni Engineering & Industries Limited (NSEI:TRIVENI) made an offer to acquire 26% stake in Sir Shadi Lal Enterprises Limited (BSE:532879) from shareholders for approximately INR 360 million on January 30, 2024. Triveni Engineering will pay INR 262.15 per share as consideration. In a related transaction, Triveni Engineering executed a Share Purchase Agreement to acquire 25.43% stake in Sir Shadi Lal Enterprises from Vivek Viswanathan, Radhika Viswanathan Hoon.

The sources of funds for Triveni Engineering are available in cash and cash equivalents and its liquid securities. The offer will commence from April 9, 2024 till April 24, 2024. The transaction was approved by the Board of Directors of Triveni Engineering.

Completion is subject to approval from Reserve Bank of India. The transaction is expected to complete on April 8, 2024. Ambit Private Limited acted as financial advisor and KFin Technologies Limited acted as registrar for Triveni Engineering.