Craftsman Automation Limited announced the extension of the long stop date for its Asset Purchase Agreement (APA) concerning the sale of assets related to the Piston Manufacturing Business to Shriram Pistons & Rings Limited (SPRL). The completion deadline has been mutually extended from March 31, 2026, to June 30, 2026. This extension allows the finalization of the transaction, which is planned to occur across multiple tranches, with the second tranche expected to close by the new deadline.
Extension of Asset Sale Deadline
Craftsman Automation Limited has formally communicated an extension regarding the previously announced Asset Purchase Agreement (APA). This agreement involves the sale of identified plant, machinery, and related assets pertaining to the Piston Manufacturing Business, currently held by the Wholly Owned Subsidiary, Sunbeam Lightweighting Solutions Limited, to Shriram Pistons & Rings Limited (SPRL).
Following commercial discussions, the parties have mutually agreed to revise the long stop date under the APA. The original deadline of March 31, 2026, has been formally extended to June 30, 2026.
Transaction Completion Details
The company confirmed that an Amendment Agreement to the APA was executed on March 27, 2026. The completion of the Proposed Transaction is structured in multiple tranches. The first tranche was successfully completed on December 31, 2025, involving the transfer of initial assets for INR 10 Crores (excluding applicable GST).
The closing formalities for the second tranche are now anticipated to be completed on or before June 30, 2026. The total aggregate consideration for the entire transaction is set at Rs. 28 Crores, exclusive of applicable GST, which will be paid by SPRL in cash.
Buyer and Related Party Status
The buyer, SPRL, which has its registered office in New Delhi, does not form part of the Promoter, Promoter Group, or Group Companies of Craftsman Automation Limited.
Furthermore, the transaction is explicitly stated not to constitute a related party transaction as defined under applicable regulations and accounting standards, meaning it is conducted at “arm’s length”.
Given that the transaction involves the sale of an asset, the details concerning the turnover, revenue, income, and net worth contribution from the unit being sold during the last financial year are not applicable.
Source: BSE
