Polyplex Corporation Limited announced the execution of definitive agreements to acquire a 51% equity stake in TechNova Printrite Products Private Limited. The deal, finalized on March 25, 2026, involves a Cash Consideration structured around a 100% enterprise value of INR 12,721 lakh. The acquisition aims to create significant manufacturing and marketing synergies within the Digital Print Media (DPM) segment, leveraging Polyplex’s existing Saraprint division.
Polyplex Secures 51% Control in TechNova Printrite
Polyplex Corporation Limited has officially entered into a Share Purchase Agreement (SPA) and a Shareholder’s and Rights Agreement (SHRA) to acquire a controlling 51% share capital of TechNova Printrite Products Private Limited (TechNova Printrite). This significant development was approved by the Board of Directors on March 25, 2026, between 02:00 p.m. and 03:35 p.m. IST.
Target Entity and Business Alignment
TechNova Printrite, incorporated on April 23, 2024, specializes in the manufacturing and marketing of polyester, paper, and textile-based substrates for digital print applications. The target entity’s business was carved out from TechNova Imaging Systems Private Limited via a scheme approved by the National Company Law Tribunal, effective February 01, 2026.
The business focus aligns directly with Polyplex’s existing Saraprint division, which is also engaged in the DPM segment. This acquisition is strategic, designed to achieve manufacturing and marketing synergies and strengthen Polyplex’s value-added product portfolio for digital print applications.
Historical Turnover of DPM Business (INR Lakh)
The turnover data for the DPM business of TechNova Imaging provides context for the acquired entity’s scale:
- 2022-2023 (Unaudited): 21,871
- 2023-2024 (Unaudited): 21,425
- 2024-2025 (Audited): 20,638
Deal Structure and Consideration
The transaction is structured as a Cash Consideration. The cost of acquisition for the 51% equity share capital is approximately INR 6,210 lakh, subject to post-closing adjustments. This figure is derived from a negotiated 100% enterprise value of INR 12,721 lakh between Polyplex and the selling parties.
Polyplex will acquire 10,01,487 equity shares constituting the 51% stake. The sellers, identified as Ms. Shelina P Parikh, Ms. Maya Parikh Verma, Mr. Jivan G Bhatt, and Ms. Nilakshi Bhatt, are targeted to complete the transfer within three months of the SPA execution.
Following the transaction, the Continuing Sellers will retain the remaining 49% share capital of TechNova Printrite.
Governance and Future Rights (SHRA Highlights)
The SHRA outlines the governance framework post-acquisition:
- Board Representation: Polyplex has the right to nominate 3 directors, while the Continuing Sellers can nominate 2 directors. The Chairman of the Board will be appointed from the directors nominated by Polyplex.
- Share Transfer Restrictions: For a period of five years from the acquisition date, no shareholder can transfer any of their shares to a third party, except as otherwise set out in the SHRA.
- Future Sale Options: Polyplex holds a call option, and the Continuing Sellers hold a put option, both exercisable between the end of the third year and before the fifth anniversary of the acquisition date, to transact the remaining 49% equity.
It was confirmed that this transaction does not fall within the scope of related party transactions, and no governmental or regulatory approvals are required for the present acquisition.
Source: BSE
