Craftsman Automation Limited has informed the Exchange about the extension of Long Stop date under the Asset Purchase Agreement entered into between Sunbeam Lightweighting Solutions Limited ("Sunbeam"), Wholly Owned Subsidiary, and Shriram Pistons & Rings Limited ( SPRL ) from 31st March, 2026 to 30th June, 2026 and will complete the Proposed Transaction in multiple tranches. Accordingly, Sunbeam and SPRL have entered into an Amendment agreement to the APA dated 27th March, 2026 and the closing formalities for the second tranche of the Proposed Transaction are now expected to be completed on or before 30th June, 2026.
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Craftsman Automation's wholly owned subsidiary Sunbeam Lightweighting Solutions has extended the deadline for selling piston manufacturing plant and machinery to Shriram Pistons & Rings Limited (SPRL). The Long Stop date under the original Asset Purchase Agreement (dated 19th December 2025) has been pushed from 31st March 2026 to 30th June 2026 via an Amendment Agreement dated 27th March 2026. The total deal is worth Rs. 28 Crores (excluding GST), of which the first tranche of Rs. 10 Crores was already completed on 31st December 2025. The remaining Rs. 18 Crores will now come in one or more additional tranches by 30th June 2026. SPRL is not a related party, so this is an arm's length transaction.
The divestiture of piston manufacturing assets is progressing but is delayed by about 3 months, deferring the remaining Rs. 18 Crores cash inflow for Sunbeam. The extension is commercial in nature and not a cancellation, so the deal remains on track, though shareholders should note the slower-than-expected execution timeline.