The Board of Directors of Shilp Gravures Ltd (the "Board") at its Meeting held on 5th June 2019 has agreed to acquire 100% (one hundred percent) shares of Etone India Private Limited, subject to completion of various closing conditions, by way of cash consideration not exceeding INR 11,00,00,0001 (including the providing of inter corporate loans) subject to certain holdback amounts.
Etone India Private Limited is not a part of the Company's promoter and promoter group and therefore, such acquisition of shares as and when effected will not be a related party transaction under the law.
The proposed acquisition would enable the company to expand its geographical reach to the eastern part of India with added production facilities.
Shares of SHILP GRAVURES LTD. was last trading in BSE at Rs.101.75 as compared to the previous close of Rs. 98.65. The total number of shares traded during the day was 613 in over 22 trades.
The stock hit an intraday high of Rs. 101.85 and intraday low of 99. The net turnover during the day was Rs. 61693.