Nature of the Disclosure

This is an intimation to the Bombay Stock Exchange submitted by Mehai Technology Limited, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure concerns the company's entry into a Share Purchase Agreement for the acquisition of another company.

Key Quantitative Figures

  • Total Acquisition Consideration: ₹4,50,00,000 (Rupees Four Crore Fifty Lakh only).
  • Target Company's Paid-up Equity Share Capital: ₹32,80,300.
  • Number of Equity Shares Acquired: 28,030 shares of ₹10 each, representing 100% of the issued and paid-up capital.

Parties Involved

  • Acquirer: Mehai Technology Limited (CIN: L62099WR2013PLC293942).
  • Target Company: Hi-Tech Services Private Limited (CIN: U72300WB1984PTC037826, PAN: AAACH6490C).

Purpose or Rationale

The acquisition is stated to be part of Mehai Technology's "business expansion and strategic objectives." The specific commercial rationale is to obtain a controlling interest in Hi-Tech Services and explore opportunities in the field of data processing and IT-enabled services.

Financial and Operational Impact

  • Target Company's Business: Data processing, consultancy services, and dealing in computer systems and software.
  • Target Company's Financials: Turnover for FY 2023-24, 2024-25, and 2025-26 was NIL.
  • Transaction Type: Cash consideration.
  • Related Party Status: The acquisition is confirmed not to be a related-party transaction, and Mehai's promoters have no interest in the target company.

Capital Structure Impact

The acquisition will result in Mehai Technology gaining 100% ownership of Hi-Tech Services Private Limited, a private company. The disclosure does not provide details on how this will be reflected in Mehai's consolidated financials.

Other Material Details

  • Industry Classification: The target company operates in Information Technology (IT) / IT-Enabled Services (ITeS) - Data Processing Services.
  • Government Approvals: Not applicable for this acquisition.
  • Expected Completion: The acquisition is expected to be completed upon fulfilment of the applicable conditions precedent and completion of share transfer formalities as per the Share Purchase Agreement.
  • Target Company's Registered Office: Uniworld City, Action Area III, New Town, North 24 Parganas, West Bengal – 700160.