Please find attached herewith the detailed disclosure as required to given under Regulation 23 of SEBI (LODR) in regard with the acquistion of 100% shares in Teesta Spintex Limited and ....
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Shanti Spintex Limited's board, at its meeting on 9 May 2025, approved the acquisition of 100% equity shares of Teesta Spintex Private Limited, making it a wholly owned subsidiary. The transaction is a related party deal (common control/significant influence) executed via a Share Purchase Agreement at Rs. 15 per share, based on an independent valuation. No shareholder approval is required as the deal is at arm's length, and consideration will be paid through bank transfer. Interested directors Rikin B. Agarwal, Bharatbhushan O. Agarwal, and Urmila B. Agarwal recused from the decision. The transaction is subject to execution of the SPA.
This acquisition consolidates Shanti Spintex's business by bringing Teesta Spintex fully under its control, potentially expanding capacity or operations in the spinning sector. Since it is a related party transaction, retail investors should monitor the fairness of the Rs. 15/share valuation and any future synergies or risks from the integration.