| Shlokka Dyes Limited announced it has approved the acquisition of Equinox Impex, a sole proprietorship engaged in the export of synthetic organic dyes, on a slump sale basis for an aggregate cash consideration of Rs 367.49 crore. The acquisition, which is expected to be completed within 30 days, will integrate Equinox Impex’s export trading function with Shlokka Dyes’ manufacturing operations and is anticipated to be earnings accretive, according to the company. Mr. Vaibhav Pravinchandra Shah, Managing Director of Shlokka Dyes, is the proprietor of Equinox Impex, making the acquisition a related party transaction undertaken on an arm’s length basis. |