Please find attached herewith the Decleration as per Regulation 30 with regard to Investment in Teesta Spintex Private Limited, pursuant to Section 186 of the Companies Act, 2013. Please ....
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Awaiting price reaction for this filing.
Shanti Spintex Limited has approved the acquisition of 100% equity shares of Teesta Spintex Private Limited, making it a wholly-owned subsidiary. The total consideration is Rs. 4.05 crore, valued at Rs. 15 per equity share for 27,00,000 shares of Rs. 10 each. The deal is funded through internal accruals and is expected to be completed by 15th May 2025. Teesta is engaged in the textile business (spinning, weaving, dyeing, processing) with a turnover of Rs. 57.14 lakhs in FY24 and nil in FY23. The acquisition is part of a forward integration strategy and Teesta is classified as a related party under common control, with promoters having an interest in the transaction.
This is a small strategic acquisition (Rs. 4.05 crore) aimed at forward integration in the textile business. Since Teesta is a related party and the deal is small relative to Shanti Spintex's operations, the immediate stock price impact is likely limited, but it signals consolidation intent and vertical expansion.