Signs Share Purchase Agreement to acquire Wire Brigade Industries
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Systematic Industries has signed a Share Purchase Agreement to acquire 100 percent (10,000 equity shares) of Wire Brigade Industries (WBIPL) from Veritas Industries (VIPL). Total deal value is Rs. 21.50 crore at Rs. 21,500 per WBIPL share. Consideration is partly cash and partly through issuance of 9,42,600 new equity shares of Systematic at Rs. 228 per share via preferential allotment. Both VIPL and WBIPL are promoter group entities, making this a related party transaction done at arms length. Post deal, WBIPL will become a wholly owned subsidiary.
Acquisition makes WBIPL a wholly owned subsidiary. Share swap will dilute existing holders, and preferential issue needs shareholder approval.