Harmony Capital to acquire 51% in Truvolt Engineering via share swap

Related Party TransactionsResults View source PDF

Price reaction · full curve

Awaiting price reaction for this filing.

AI summary

Harmony Capital Services board approved Q1FY27 unaudited results (clean limited review) and acquisition of 51% stake in Truvolt Engineering via share swap worth Rs.83.47 crore, making Truvolt a subsidiary. Will issue 1.26 crore shares at Rs.66 each (swap ratio 1:2). Truvolt FY26 turnover Rs.315 crore vs Rs.243 crore in FY25. This is a related party transaction. Postal ballot to be sent for shareholder approval.

Likely market impact

Major share dilution (paid-up capital nearly doubles) and entry into engineering and manufacturing via subsidiary. Subject to shareholder approval.