Syrma SGS Technology Ltd to Acquire Elcome Integrated Systems and Navicom Technology International for INR 235 Crores and INR 52 Crores Respectively

Syrma SGS Technology Ltd announced that its Board of Directors has approved the execution, delivery and performance of a securities subscription and purchase agreement (SSPA) and shareholders’ agreement (SHA) with the promoters of Elcome to acquire the entire paid-up share capital of Elcome, and for Elcome to acquire the entire paid-up share capital of Navicom. The proposed acquisition of Elcome will be done in four tranches, with the first tranche costing INR 235 Crores and the acquisition of Navicom by Elcome to be completed on the date of completion of the first tranche. Elcome will use the funds invested by the Company in Elcome for the purposes of funding the acquisition of Navicom by Elcome.