AVI Polymers Ltd — Updates, 01-01-1970: Company Update

Rootsparkle Trading Private Limited has announced a board meeting related to its open offer to acquire up to 10,63,582 equity shares (26% voting capital) of AVI Polymers Limited at ₹13 per share. The offer follows a Share Purchase Agreement to acquire 10,29,500 shares (25.17%) at the same price, aggregating to ₹1.34 Cr in cash. Post-offer and SPA acquisition, Rootsparkle will hold 51.17% and become the new promoter, with existing promoters stepping down. The offer is unconditional, not minimum acceptance dependent, and will be implemented through BSE’s Acquisition Window. Rootsparkle is engaged in agricultural product trading and has sufficient financial resources for the acquisition. The target’s shares are frequently traded on BSE, with no outstanding convertible instruments or lock-in shares. The Acquirer has appointed its nominees as Managing and Non-Executive Directors on AVI’s board. Shareholders should note tax implications and required regulatory approvals but no approvals are presently pending. The completion of the offer remains subject to receipt of any applicable statutory approvals; failure to obtain these may lead to withdrawal of the offer.