Outcome of Board meeting enclosed herewith.
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Ace Men Engg Works Ltd has allotted 98,16,000 equity shares at Rs. 64 per share (face value Rs. 10, premium Rs. 54) to 34 non-promoter allottees on a preferential basis, for a total consideration of about Rs. 62.82 crore. The allotment was done as a share swap (consideration other than cash) to acquire 9,81,600 equity shares (100%) of Manibhadra Industries Private Limited (MIPL) at Rs. 640 per share. Following this acquisition, MIPL has become a wholly-owned subsidiary of Ace Men Engg Works. MIPL is engaged in the lighting industry, dealing in indoor and outdoor lighting, wires and cables, poles and high mast, and fans, and is based in Ahmedabad. The board meeting was held on November 25, 2025 and approved the allotment along with the acquisition disclosures.
For existing shareholders, this means a significant dilution of about 98.16 lakh new shares issued, though no cash outflow is involved. The acquisition adds a new subsidiary in the lighting and electrical products space, potentially diversifying revenue streams, but investors should watch for the actual financial performance and integration of MIPL going forward.