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| Exchange Disseminated Time | S H Kelkar and Company Ltd has informed BSE that the Board of Directors of the Company at its meeting held on February 09, 2016, inter alia, has transacted the following :
1. The Board considered and approved the acquisition of the Business Undertaking of Hi-Tech Technologies comprising of Flavours Division, through Company's subsidiary Keva Flavours Pvt Ltd. ("KFL"). HTT is a Mumbai-based sole-proprietorship, owned by Mrs Kanchan Mhatre and is in the business of Manufacture and Sale of Flavours and also Trading and Services in Cyber Security and Digital Forensics since year 2000. HTT has manufacturing facility in Daman, with FSSA licence and has presence throughout India. The acquisition would enable broadening of the Group's Flavours business.
HTT's turnover from Flavours business for last 3 years is as under : (Rs. in Crore)
FY 2012-13 : 17.98
FY 2013-14 : 9.69
FY 2014-15 : 16.14
The acquisition would be on a slump sale basis, for net aggregate consideration of Rs. 28.6 Cr. Requisite approvals and consent from governmental /regulatory authorities in connection with the acquisition shall be obtained. With the proposed sale, the flavourists of HTT shall work exclusively for KFL.
The proposed acquisition is not a related party transaction and the promoters/promoter group/group companies do not have any interest in HTT. Acquisition is targeted to close in Q1 FY 2017.
A preliminary financial and legal due diligence (DD) is being undertaken. Upon successful completion of DD, KFL and HTT shall enter into a Business Transfer Agreement and other requisite agreements to complete the acquisition. |
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