New Delhi: Triveni Engineering & Industries Ltd has acquired an additional 36.34 per cent stake in sugar company Sir Shadi Lal Enterprises Ltd for Rs 45 crore.
The company is one of the largest integrated sugar producers in the country, a leading player in engineered-to-order high-speed gears and gearboxes and in water and wastewater management businesses.
In a regulatory filing on Thursday, Triveni said it acquired an additional 36.34 per cent stake in Sir Shadi Lal Enterprises Ltd.
Pursuant to a share purchase agreement executed with a promoter group on June 20, 2024, Triveni said it acquired a 36.34 per cent stake for a total consideration of Rs 44.83 crore, i.e. at a price of Rs 235 per share of Sir Shadi Lal Enterprises.
Following the completion of the transaction, Triveni Engineering's stake in Sir Shadi Lal Enterprises increased to 61.77 per cent.
Triveni is currently awaiting approval from the Securities and Exchange Board of India (Sebi) for an open offer for acquisition of up to 13,65,000 fully paid up equity shares with a face value of Rs 10 each, representing 26 percent of the share with voting rights. capital of Sir Shadi Lal Enterprises from its shareholders.
Tarun Sawhney, vice chairman and managing director of the company, said the acquisition of stake in Sir Shadi Lal Enterprises is a strategic milestone for the company.
"This will add even more value to Triveni's sugar and alcohol businesses and solidify the company's position as one of the largest integrated sugar and alcohol producers in the country," he said.
Given Sir Shadi Lal Enterprises' proximity to two of its largest sugar units, Sawhney said: "We believe this transaction will generate operational and logistical synergies and improved efficiencies that will benefit both the companies and key stakeholders, including the farming community. ".
Triveni Engineering currently has seven sugar mills operational in Uttar Pradesh. The company has distilleries in Uttar Pradesh that total 860 kiloliters per day.
The company is one of the largest integrated sugar producers in the country, a leading player in engineered-to-order high-speed gears and gearboxes and in water and wastewater management businesses.
In a regulatory filing on Thursday, Triveni said it acquired an additional 36.34 per cent stake in Sir Shadi Lal Enterprises Ltd.
Pursuant to a share purchase agreement executed with a promoter group on June 20, 2024, Triveni said it acquired a 36.34 per cent stake for a total consideration of Rs 44.83 crore, i.e. at a price of Rs 235 per share of Sir Shadi Lal Enterprises.
Following the completion of the transaction, Triveni Engineering's stake in Sir Shadi Lal Enterprises increased to 61.77 per cent.
Triveni is currently awaiting approval from the Securities and Exchange Board of India (Sebi) for an open offer for acquisition of up to 13,65,000 fully paid up equity shares with a face value of Rs 10 each, representing 26 percent of the share with voting rights. capital of Sir Shadi Lal Enterprises from its shareholders.
Tarun Sawhney, vice chairman and managing director of the company, said the acquisition of stake in Sir Shadi Lal Enterprises is a strategic milestone for the company.
"This will add even more value to Triveni's sugar and alcohol businesses and solidify the company's position as one of the largest integrated sugar and alcohol producers in the country," he said.
Given Sir Shadi Lal Enterprises' proximity to two of its largest sugar units, Sawhney said: "We believe this transaction will generate operational and logistical synergies and improved efficiencies that will benefit both the companies and key stakeholders, including the farming community. ".
Triveni Engineering currently has seven sugar mills operational in Uttar Pradesh. The company has distilleries in Uttar Pradesh that total 860 kiloliters per day.
