Shree Tirupati Balajee Agro Trading Company Limited — Important, 20-11-2024: General Updates

The company has acquired 73,000 equity shares (0.72% ownership) of its subsidiary, Shree Tirupati Balajee FIBC Limited, for a total consideration of Rs. 5.84 Crore. Shree Tirupati Balajee FIBC has an authorized capital of Rs. 11 Crore and a paid-up capital of Rs. 10.13 Crore, with a recent turnover of Rs. 161.11 Crore and a net profit of Rs. 14.26 Crore for the fiscal year ending March 2024. This acquisition, classified as a related party transaction, was conducted at an arm's length basis. The subsidiary is involved in the FIBC and packaging industry, specializing in products like bulk bags and woven sacks, and it has been operational since its incorporation on October 21, 2009. The completion of this acquisition enhances the company's ownership stake in a key venture, signaling a potential growth outlook.