Kalpataru Power Transmission (KPTL) Tuesday said it has signed a definitive agreement with Tano India Private Equity Fund II to acquire 19.94 per cent stake in Shree Shubham Logistics for Rs 64.66 crore.
It will be a non-cash share swap transaction in which 12,54,900 shares of KPTL will be issued to Tano at a value of Rs 515.25 per share, subject to relevant approvals, a company statement said.
KPTL already has 80.06 per cent stake in Shree Shubham. After the transaction, the latter will become a 100 per cent subsidiary of KPTL.
Shree Shubham Logistics Ltd (SSL) was set up in 2007 to provide agriculture commodity warehousing solutions. The firm is operating and managing around 240 warehouses (owned and leased) with storage capacity of over 9 million square ft area across nine states in India.
The valuation was done by ICICI Securities (Merchant Banker) and Nikhil Singhi (Registered Valuer).
"Our ability to look at strategic partners for SSL for future growth will be much more focussed with 100 per cent stake of KPTL in SSL. We are thankful to Tano for partnering with us in SSL's growth journey and helping us with their expertise in scaling up SSL's operations," KPTL CEO and MD Manish Mohnot said.
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