Board approves 51 percent stake acquisition in Truvolt Engineering via share swap

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Price reaction · full curve

Awaiting price reaction for this filing.

AI summary

Harmony Capital Services board approved acquiring 51 percent stake (63.23 lakh shares) in Truvolt Engineering via share swap. Company will issue up to 1.26 crore equity shares at Rs 66 each (premium of Rs 56) to 141 allottees, totalling Rs 83.47 crore. Swap ratio fixed at 1:2. Truvolt posted Rs 315 crore turnover in FY26, up from Rs 242 crore in FY25. Post-issue, paid-up capital rises from Rs 12.13 crore to Rs 24.77 crore. This is a related party transaction as promoters hold stake in Truvolt.

Likely market impact

Share count roughly doubles through share swap, diluting existing shareholders. Acquisition of a profitable engineering firm may support long-term value, but related party nature warrants scrutiny.