KPTL acquires balance stake in Shree Shubham Logistics
Mumbai (Maharashtra) [India] July 2 (ANI): Infrastructure major Kalpataru Power Transmission on Tuesday signed a definitive agreement with Tano India Private Equity Fund II (Tano) to acquire 19.94 per cent stake in Shree Shubham Logistics for Rs 64.66 crore.
ANI
Jul 02, 2019 17:44 IST
Mumbai (Maharashtra) [India] July 2 (ANI): Infrastructure major Kalpataru Power Transmission on Tuesday signed a definitive agreement with Tano India Private Equity Fund II (Tano) to acquire 19.94 per cent stake in Shree Shubham Logistics for Rs 64.66 crore.
The consideration will be paid through a non-cash equity swap transaction in which 12.54 lakh equity shares of Kalpataru will be issued to Tano at the value of Rs 515.25 per share. On completion of this acquisition, Kalpataru's stake in Shree Shubham Logistics will increase to nearly 100 per cent.
The valuation was done by ICICI Securities as merchant banker and Nikhil Singhi as registered valuer, according to a statement.
"Our ability to look at strategic partners for Shree Shubham Logistics for future growth will be much more focussed with about 100 per cent stake," said Kalpataru's Managing Director and CEO Manish Mohnot.
Shree Shubham Logistics was set up in 2007 to provide agriculture commodity warehousing solutions. It operates and managing around 240 warehouses (owned and leased) with a storage capacity of more than 90 lakh square feet area across nine states in the country.
Kalpataru is engaged in power transmission and distribution, oil and gas pipeline, railways, infrastructure development, civil contracting, warehousing and logistics business.
(ANI)
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