DMW Cnc Solutions India Private Limited entered into an agreement to acquire Amex Alloys Private Limited from Swelect Energy Systems Limited (BSE:532051) on October 11, 2023. The enterprise value of the transaction is INR 1.1 billion. The transaction will be completed in two tranches - Tranche 1 for 90% within sixty days from the date of Execution of Share Purchase Agreement and Tranche 2 for 10% on or before March 31, 2024. AMEX Alloys reported net worth of INR 329 million on March 31, 2023. The transaction is subject to approval of the shareholders of SWELECT, completion of certain conditions precedent and other requisite approvals from statutory and regulatory authorities. The board of directors of SWELECT approved the transaction. The board of Swelect has decided to obtain approval of shareholders through postal ballot. DMW Cnc Solutions India Private Limited entered into Second Amendment Agreement for modifying the clause pertaining to percentage of the shareholding to 81.54% for the 1st tranche.
DMW Cnc Solutions India Private Limited completed the acquisition of 81.54% stake in Amex Alloys Private Limited from Swelect Energy Systems Limited (BSE:532051) for INR 630 million on March 18, 2024.