CIAN Agro Industries Infuses Rs. 15 Crores in Avenzer Electricals & Infrastructure Pvt. Ltd., Acquiring 1.065% Equity Shareholding

CIAN Agro Industries & Infrastructure Ltd. has disclosed the acquisition of 1.065% equity shareholding in Avenzer Electricals & Infrastructure Pvt. Ltd. for an amount of Rs. 14,09,96,530. The acquisition was carried out by infusing funds up to Rs. 15 Crores in one or more tranches, resulting in the allotment of 32,413 equity shares at a premium of Rs. 4,340 per share. Avenzer is engaged in drip irrigation, infrastructure, and power generation, with a paid-up share capital of Rs. 28,01,00,000. This transaction is considered a related party transaction, as the Managing Director and a relative of the Managing Director are shareholders in the target company, but it is done at 'arm's length'. No governmental or regulatory approvals were required for the acquisition, which is expected to be completed according to the agreement between the parties.