Toppan Inc. (TSE:7911) agreed to acquire remaining 51% stake in Max Speciality Films Limited from Max Ventures and Industries Limited (BSE:539940) for Enterprise Value INR 13.5 billion on November 14, 2021. The sale of shares shall take place in two tranches the First tranche sale consists of 1,71,89,601 Shares constituting 41% of the Share Capital comprising of 1,71,89,561 Shares held by the Company and 40 Shares held by the nominees of the Company. The sale of these shares is expected to be completed on or before 120 days from the effective date (as specified in the transaction documents), subject to approval by MVIL shareholders and satisfactory completion of other customary closing conditions as contemplated in the transaction documents.

The Second tranche sale consists of remaining 41,92,586 Shares constituting 10% of the Share Capital comprising of 4,192,566 Shares held by the Company and 20 Shares held by the nominees of the Company. The company will also change its name from MaxVIL to Max Estates Ltd. The audited turnover of Max Speciality Films for the year ended 31st December 2020 was approximately INR 11,138.856 million. The Board of Directors of Max Ventures and Industries Limited in meeting has approved sale of entire 51% of the paid up share capital held by the Company in Max Specialty Films Limited.

As of December 16, 2021, the shareholders of Max Ventures and Industries Limited have approved the transaction. The sale of these shares is expected to be completed on or before June 30, 2023 subject to fulfillment of customary closing conditions. Toppan Inc. (TSE:7911) acquired 41% stake in Max Speciality Films Limited from Max Ventures and Industries Limited (BSE:539940) on February 1, 2022.

Toppan Inc acquired 17.2 million shares of Max Speciality Films. Anil Kasturi, Ashish Pareek and Bharat Apte of AZB & Partners acted legal advisor to Max Ventures and Industries Limited.