Triveni Engineering & Industries Ltd. (TEIL) today announced acquiring an additional 36.34% stake in Sir Shadi Lal Enterprises Limited (SSEL). TEIL 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.
Sir Shadi Lal Enterprises Limited (SSEL) has two manufacturing units in Uttar Pradesh engaged in the business of manufacturing of sugar ethanol/alcohol.
Pursuant to a Share Purchase Agreement executed with Rajat Lal / Rahul Lal / Poonam Lal (Second Promoter Group) on June 20, 2024, the Company has on the same day acquired 36.34% for an aggregate consideration of ₹ 44.83 crore, i.e. at a price of ₹ 235 per equity share of SSEL.
Upon the completion of the transaction, Triveni’s stake in SSEL stands at 61.77% and SSEL has now become a subsidiary of the Company.
Triveni is currently awaiting approval from the Securities and Exchange Board of India (SEBI) for an Open offer for an acquisition of up to 26% of the Voting Share Capital of Sir Shadi Lal Enterprises from its Shareholders.
Tarun Sawhney, Vice Chairman & Managing Director, said, “The acquisition of stake in Sir Shadi Lal Enterprises is a strategic milestone for Triveni Engineering and Industries Limited. This will further add value to Triveni’s Sugar & Alcohol businesses and solidify the Company’s position as one of the largest integrated sugar and alcohol producers in the country. With SSEL’s proximity to two of our largest sugar units, 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.”
Cyril Amarchand Mangaldas (CAM) is acting as Legal Advisor to the company and Ambit Private Limited is the Manager to the open offer.
