Acquisition |
| Name of acquirer* | V R Infraspace Limited |
| Relationship of acquirer with the listed entity* | Listed Entity (self) |
| Details of other relation with acquirer | |
| Name of the target entity | Daxon Industries Private Limited |
| Latest financial parameter of target entity |
| Turnover ( In crore)* | 0 |
| PAT ( In crore)* | 0 |
| Networth ( In crore)* | 0.008 |
| Other | CIN: U24202GJ2024PTC148519
Authorized Capital: Rs. 1,00,000 divided into 10,000 Equity shares of Rs. 10 each. |
| Whether the acquisition would fall within Related Party Transaction(s)?* | No |
| Date of board meeting in which RPT approval taken | |
| Date of audit committee meeting in which RPT approval taken | |
| Whether the said RPT is material?* | |
| Date of approval from shareholders | |
| Whether the promoter / promoter group / group / associate / holding / subsidiary companies / Director&KMP and its relatives have any interest in the entity being acquired?* | Yes |
| Nature of interest and details thereof | Daxon Industries Private Limited (Formerly Known as Daxon Aluminium Private Limited) becomes Subsidiary Company of V R Infraspace Limited. Accordingly, Daxon Industries Private Limited (Formerly Known as Daxon Aluminium Private Limited) is a Related party. |
| Whether the same is done at “arms length”?* | Yes |
| Whether special resolution is passed/proposed? | |
| Date of Special Resolution | |
| Industry to which the entity being acquired belongs* | Manufacture of other textiles/textile products n.e.c., Wholesale of textiles, fabrics, yarn, household linen, articles of clothing, floor coverings and tapestry, sports clothes, Retail sale of textiles in specialized stores |
| Objects and effects of acquisition (including but not limited to, disclosure of reasons for acquisition of target entity, if its business is outside the main line of business of the listed entity)* | The shares were acquired from its existing promoters and forms part of investment of the Company with a view to reap long-term/short term investment benefits. Daxon Industries Private Limited (Formerly Known as Daxon Aluminium Private Limited) becomes Subsidiary Company of V R Infraspace Limited. |
| Whether any governmental or regulatory approvals required for the acquisition?* | NA |
| Provide brief details of any governmental or regulatory approvals | |
| Whether the transaction will be in tranches* | No |
| Indicative time period for completion of the acquisition* | Completed on January 27, 2025 |
| Nature of consideration- whether cash consideration or share swap and details of the same* | Cash |
| Details of consideration | Cash consideration of Rs. 56000 |
| Cost of acquisition or the price at which the shares are acquired (Total value) ( Rs in Crore)* | 0.0056 |
| Existing percentage of shareholding held by acquirer* | 70% |
| Percentage of Control acquired | |
| Percentage of shares acquired (additional, if existing holding persists) | 70% |
| Brief background about the entity acquired in terms of products/line of business acquired* | Manufacture of other textiles/textile products n.e.c., Wholesale of textiles, fabrics, yarn, household linen, articles of clothing, floor coverings and tapestry, sports clothes, Retail sale of textiles in specialized stores. |
| Date of incorporation | 09-02-2024 |
| History of last 3 years turnover | Year Description
(YYYY-YY) | Amount of turnover
(In Crore)) |
| 1st Previous year turnover | | |
| 2nd Previous year turnover | | |
| 3rd Previous year turnover | | |
| Country in which the acquired entity has presence* | India |
| Any other significant information (in brief) | The name of the target entity was changed from Daxon Aluminium Private Limited to Daxon Industries Private Limited w.e.f. January 20, 2025. The primary business activity of the target entity was changed from aluminium to textile, w.e.f. January 03, 2025. |