Transaction Structure
- The sellers consist of Ceigall India Limited and its wholly owned subsidiary, Ceigall Infra Projects Private Limited, collectively referred to as the "Sellers."
- The asset being divested is CMASH, a step-down subsidiary held through Ceigall Infra Projects Private Limited.
- The purchaser is Neo Infra Income Opportunity Fund, which is managed by Neo Alternative Asset Managers Private Limited.
- The Share Purchase Agreement (SPA) was executed on 3rd June 2026.
Financial Details of Divested Subsidiary
For the financial year ended 31st March 2026, CMASH contributed:
- Turnover: ₹826.89 million, representing 2.10% of the company's consolidated turnover.
- Net Worth: ₹1,361.14 million, representing 6.30% of the company's consolidated net worth.
Transaction Terms
- Consideration: The total consideration is ₹177 crores, inclusive of cash surplus. This amount is subject to adjustments as agreed between the parties.
- Transaction Timeline: A Binding Offer Letter was initially executed on 9th February 2026. The completion of the sale is expected to occur soon after the satisfaction of all conditions precedent outlined in the SPA dated 3rd June 2026.
Counterparty Details
The buyer, Neo Infra Income Opportunity Fund, is managed by Neo Alternative Asset Managers Private Limited (Corporate Identification Number: U66300MH2021PTC371799). Its registered office is at Unit 903, B Wing, 9th Floor, Marathon Futurex, Mafatlal Mill Compound, NM Joshi Marg, Lower Parel, Mumbai - 400013. The buyer is confirmed not to belong to the promoter/promoter group/group companies of Ceigall India Limited.
Regulatory and Compliance Aspects
- The transaction does not qualify as a Related Party Transaction.
- Provisions related to slump sale (Regulation 37A of LODR Regulations) are not applicable to this transaction.
Additional Information
The intimation is also available on the company's website at www.ceigall.com.