Integra Switchgear Approves Share Issuance and Acquisition

Integra Switchgear Ltd has approved the issuance of up to 26,66,667 equity shares on a preferential basis to Mr. JrMichael Joseph Commiskey, an Independent Director and Non-Promoter, at an issue price of ₹15 per share. This issuance is part of a larger transaction involving the acquisition of a 95% stake in M/S. Magnatech Co. Ltd, based in the Republic of Korea. The acquisition will be executed through a share swap, involving the issuance of up to 19,91,16,000 Integra Switchgear equity shares to Magnatech's shareholders at ₹15 per share. The total consideration for the share issuance to Mr. Commiskey is ₹4,00,00,005. Post-acquisition, Integra Switchgear's promoter/promoter group will hold 50.17% of the post-issue capital, and the public will hold 49.83%.