Spice Energy Private Limited to Sell 71.19% Stake in SRM Energy Ltd to Mr. Umesh Narpatchand Sanghvi and Mrs. Sapna Sanghvi

Spice Energy Private Limited, the Promoter / Holding Company of SRM Energy Ltd, has entered into a Share Purchase Agreement (SPA) with Mr. Umesh Narpatchand Sanghvi and Mrs. Sapna Sanghvi. The SPA is for the sale of up to 64,50,000 equity shares, constituting approximately 71.19% of the total paid-up share capital of the Company. Upon fulfilment of the conditions precedent contained in the SPA, the purchasers will acquire management and control of the Company, which may include executing an open-offer in accordance with the SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 2011.