1. Approved acquisition of shares 2. Approved Related party transaction
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The board of Continental Petroleums, a Jaipur-based lubricants company, approved acquiring 24,999 equity shares (50%) of Unique Techno Associates Private Limited for Rs 7.15 crore in cash, at Rs 2,860 per share. The target is a Dahej SEZ-based lubricants and greases manufacturer exporting to African markets and Sri Lanka, with a turnover of Rs 6.03 crore in FY25. This is a related party transaction, as the promoters of Continental Petroleums are already shareholders of the target, with a share swap already done. After both the share swap and this cash acquisition, Continental Petroleums will hold 88.20% in the target. The deal is expected to close within 15 days with no regulatory approvals needed, and aims to expand manufacturing capacity and export reach.
Acquiring a controlling 88.20% stake in a same-line lubricants business should boost the company's manufacturing capacity and export revenue. However, the related-party nature of the deal and the relatively small size of the target (Rs 6 crore turnover) compared to the Rs 7.15 crore price tag may draw shareholder attention to valuation.