Faith Mercantile Private Limited, Meir Commodities India Private Limited and R.K.& D Investment Private Limited agreed to acquire 98.885% stake in Shakumbari Sugar And Allied Industries Limited from India Glycols Limited (BSE:500201) and others for INR 6.01 million on March 30, 2023. The consideration consists of INR 6.01 million in cash. As part of the consideration, INR 5.01 million was paid towards common equity and INR 1 million was paid towards convertible preferred equity. The transaction is expected to close on May 31, 2023. As of August 7, 2023, the transaction is expected to close on September 30, 2023. EY was the exclusive financial advisor to India Glycols.

Faith Mercantile Private Limited, Meir Commodities India Private Limited and R.K.& D Investment Private Limited completed the acquisition of 98.885% stake in Shakumbari Sugar And Allied Industries Limited from India Glycols Limited (BSE:500201) and others in 2023.