Navroze Shiamak Marshall agreed to acquire 49% stake in Formex Private Limited from Simmonds Marshall Limited (BSE:507998) for approximately INR 200 million on December 5, 2023. The consideration consists of INR 198.8 million in cash. As part of the consideration, INR 198.8 million was paid towards common equity.

The deal has been approved by the Board of Directors of Simmonds Marshall Limited. The completion of the transaction is subject to certain consents and other formalities. The transaction is expected to be completed by December 31, 2023 or as mutually agreed by the parties.