The Company at its Board Meeting has approved to acquire 100% holding in Teesta Spintex Private Limited thereby making it a wholly owned subsidary company, In this regard the Company has ....
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Shanti Spintex Limited (BSE Scrip Code: 544059) has executed a Share Purchase Agreement on 9th May 2025 to acquire 100% of the equity share capital of Teesta Spintex Private Limited, making it a wholly owned subsidiary. The acquisition was approved by the Board on the same day and is aimed at forward integration and business expansion. The indicative closing date is on or before 15th May 2025, subject to conditions precedent in the SPA. Teesta Spintex has a paid-up share capital of ₹2.70 crore and operates in the same textile/spinning sector. The purchase price will be based on the fair market value determined by a Chartered Accountant or Registered Valuer. Shares are being bought from four seller groups, with FMV appearing to be ₹15 per share.
For existing shareholders, this is a small bolt-on acquisition that extends Shanti Spintex's presence in the spinning/textile value chain. Since Teesta will become a wholly owned subsidiary, any future earnings or losses of Teesta will flow directly into Shanti's consolidated financials. The near-term impact on share price is likely limited given the small scale of the target.