The Board has approved the acquisition of 51% equity shares of M/s Mahakal Devcon Limited through an all-stock, strategic equity swap and execution of the Share Acquisition Agreement with ....
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Vuenow Infratech Limited's board approved acquiring 51% equity in Mahakal Devcon Limited through an all-stock share swap, with no cash component. The deal will be discharged by issuing up to 59,99,735 equity shares at Rs. 256.25 each to four Mahakal Devcon shareholders, amounting to roughly Rs. 153.74 crore in consideration. Mahakal Devcon is a diversified firm in trading, distribution, infrastructure development, and technical consulting with FY25 turnover of Rs. 84.23 crore. The acquisition is meant to help Vuenow offer end-to-end data center and infrastructure solutions under one roof. The board also approved increasing authorized share capital from Rs. 25 crore to Rs. 75 crore, alteration of the object clause, and appointed two new independent directors. The company also acknowledged BSE fines for late shareholding pattern filing and non-constitution of certain committees.
Existing shareholders will face dilution once the preferential shares are issued, but the deal could meaningfully expand Vuenow's infrastructure capabilities. The transaction is subject to shareholder and regulatory approvals, so execution risk remains in the near term.