Taneja Aerospace and Aviation Limited
Taneja Aerospace and Aviation Limited (TAAL) has executed a Master Restructuring and Transfer Agreement with Zenith Precision Private Limited, its promoters, and other shareholders. This disclosure is made pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The Agreement establishes a framework for a proposed restructuring transaction that is contingent upon the fulfilment of various conditions precedent and the receipt of all necessary corporate, statutory, regulatory, and contractual approvals.
The key components of the proposed transaction are:
- The Company proposes to transfer its equity investment in Zenith Precision Private Limited to the promoters of Zenith Precision Private Limited, in accordance with the terms of the Agreement.
- The Company or its designated entity proposes to acquire a controlling stake in the SEZ Division of Zenith Precision Private Limited. This acquisition is intended to be of the division as a going concern, including its identified assets, liabilities, employees, contracts, and leasehold rights.
The Company has committed to making further disclosures to the exchange upon the fulfilment of the conditions precedent and the occurrence of any material developments related to this transaction, in accordance with its obligations under Regulation 30 of the SEBI LODR Regulations.
The disclosure was signed by Ashwini Navare, Company Secretary, on behalf of Taneja Aerospace and Aviation Limited.