SHIFTRY HOLDINGS LIMITED and PZU Czech, a.s. agreed to acquire JANKA ENGINEERING s.r.o. from LEEL Electricals Limited (BSE:517518) for CZK 45 million on August 13, 2018. The transaction is subject to customary closing conditions including regulatory approvals. The deal is approved by Office for the Protection of Competition and is expected to complete before the end of August of 2018. LEEL Electricals will use the proceeds as a partial repayment to existing bank loans. As on August 28, 2018, the expected date of closing is August 23, 2018. Janka Engineering had revenue from operations of CZK 305 million and net worth of CZK 74 million for the financial year ending March 31, 2018. The consideration includes transfer of title of ownership interest of Janka to PZU Czech, a.s. for a consideration of CZK 39 million together with all the rights and obligations associated with it. Out of this CZK 25 million shall be realized through inventory and receivables and transfer of trademarks to Shiftry Holdings for a consideration CZK 6 million. All the funds received in relation to this transaction will be utilized towards partial repayment of existing bank loan availed by the WOS. SHIFTRY HOLDINGS LIMITED and PZU Czech, a.s. cancelled the acquisition of JANKA ENGINEERING s.r.o. from LEEL Electricals Limited (BSE:517518) on August 13, 2019.