Systematic Industries to Issue 14.88 Lakh Shares for ₹339 Cr

Systematic Industries Ltd announced its Board of Directors has approved the acquisition of 100% equity in Wire Brigade Industries Private Limited (WBIPL) for a consideration involving cash and share swap. The company will issue 9,42,600 equity shares on a preferential basis to Veritas Industries Private Limited (Promoter Group) as part of the share swap. Additionally, the Board approved the creation, offer, issue, and allotment of up to 14,88,600 equity shares at ₹228 each, aggregating up to ₹339.40 crore. These shares will be issued for cash and consideration other than cash (share swap) on a private placement and preferential basis to both promoter and non-promoter allottees. The acquisition and share issuance are subject to shareholder and stock exchange approvals.