Announcement under Regulation 30 (LODR) - Acquisition
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Greenhitech Ventures has acquired 76% stake in Tritech Industrial Solutions Pvt Ltd and 100% stake in Greenkashi Bio Energy Pvt Ltd, both through share swap with immediate effect. For Tritech (engineering and project consultancy for agro, ethanol, distillery, power sectors; FY24 turnover Rs. 439.27 lakhs), the company issued 2,73,600 shares at Rs. 105 each (Rs. 2.87 crore value). For Greenkashi (carbon manufacturing from tyre char, coal, pet coke; FY24 turnover Rs. 21.48 lakhs), it issued 71,44,637 shares at Rs. 105 each (Rs. 75.02 crore value). Separately, the Board approved allotment of 8,71,000 equity shares and 10,37,200 convertible warrants to non-promoters at Rs. 105 each on a preferential basis. BSE in-principle approval was received on April 15, 2025.
The acquisitions mark Greenhitech's entry into industrial consultancy and carbon manufacturing, but are entirely funded through share swaps and preferential allotments, leading to significant equity dilution. The Greenkashi acquisition is a related-party transaction (though claimed to be at arm's length), which shareholders should review carefully given the steep decline in its turnover from Rs. 792.58 lakhs (FY22) to Rs. 21.48 lakhs (FY24).