Polyplex Corporation Limited has informed the Exchange about Agreements
POLYPLEX · price
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Polyplex Corporation has executed definitive agreements to acquire 51% of the equity share capital of TechNova Printrite Products Private Limited, a company recently carved out of TechNova Imaging Systems' Digital Print Media (DPM) business via an NCLT scheme (effective February 1, 2026). The total cost for the 51% stake is approximately INR 6,210 lakh (~INR 62.1 crore) in cash, based on a 100% enterprise value of INR 12,721 lakh (~INR 127.2 crore). The target's DPM business reported turnover of INR 20,638 lakh in FY25, INR 21,425 lakh in FY24, and INR 21,871 lakh in FY23. Continuing sellers will retain 49%, with Polyplex holding a call option and sellers a put option (exercisable between year 3 and year 5) for the balance stake. The deal is targeted to close within three months, requires no regulatory approvals, is not a related-party transaction, and includes a 5-year share transfer lock-in.
Strategically positive – the acquisition strengthens Polyplex's value-added digital print media portfolio by combining TechNova Printrite's downstream capabilities with Polyplex's existing Saraprint DPM division, unlocking manufacturing and marketing synergies. The deal size is moderate (cash outflow of ~INR 62 crore), should be manageable, and gives Polyplex operational control while keeping room for full ownership via the call option. Near-term stock impact is likely neutral to mildly positive; the value of synergies and full integration path will drive longer-term rerating.