Tuesday, July 23, 2024
Homesugar millTriveni Engineering buys addl 36.34 pc stake in sugar firm Sir Shadi...

Triveni Engineering buys addl 36.34 pc stake in sugar firm Sir Shadi Lal Enterprises for Rs 45 cr

Triveni Engineering & Industries Ltd has acquired an additional 36.34 per cent stake in sugar firm Sir Shadi Lal Enterprises Ltd for Rs 45 crore. The company is one of the largest integrated sugar producers in the country, a leading player in engineered-to-order high-speed gears & gearboxes, and water and wastewater management business.
In a regulatory filing on Thursday, Triveni said it has acquired an additional 36.34 per cent stake in Sir Shadi Lal Enterprises Ltd.
Pursuant to a share purchase agreement executed with a promoter group on June 20, 2024, Triveni said it acquired 36.34 per cent stake for an aggregate consideration of Rs 44.83 crore, i.e. at a price of Rs 235 per equity share of Sir Shadi Lal Enterprises.

Upon the completion of the transaction, Triveni Engineering’s stake in Sir Shadi Lal Enterprises has increased to 61.77 per cent.

Triveni is currently awaiting approval from the Securities and Exchange Board of India (Sebi) for an open offer for acquisition of up to 13,65,000 fully paid-up equity shares of face value of Rs 10 each, representing 26 per cent of the voting share capital of Sir Shadi Lal Enterprises from its shareholders.

Tarun Sawhney, Vice Chairman & Managing Director of the company, said the acquisition of stake in Sir Shadi Lal Enterprises is a strategic milestone for the company.

“This will further add value to Triveni’s sugar and alcohol businesses and solidify the company’s position as one of the largest integrated sugar and alcohol producers in the country,” he said.

With Sir Shadi Lal Enterprises’ proximity to two of its largest sugar units, Sawhney said, “We believe this transaction will lead to operational and logistical synergies and improved efficiencies which will benefit both the companies and key stakeholders, including the farmer community”.

Triveni Engineering currently has seven sugar mills in operation in Uttar Pradesh. The company has distilleries in Uttar Pradesh aggregating to 860 kilolitres per day

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