The proposed acquisition is considered to be a “major transaction” under Catalist rules and will be subject to an approval from Digilife Tech’s shareholders at an extraordinary general meeting (EGM).
Catalist-listed Digilife Technologies has acquired a majority stake in Brimax AAC Products LLP, a manufacturer of sustainable building materials, for INR336.6 million or $4.9 million.
The company, on Sept 30, entered into a sale and purchase agreement (SPA) with Brimax AAC’s shareholders, Dineshbhai Devasi, Badrilal Vanghabhai Devasi, Prabhulal Murji Dholu, Bhavesh Prabhulal Dholu and Nikul Prabhulal Dholu, to acquire 51% of the partnership interest in Brimax AAC. Dineshbhai and Badrilal own 25% each in Brimax AAC, while Prabhulal, Bhavesh and NIkul own 16.68%, 16.66% and 16.66% of the company’s shares respectively.
