Polyplex Corporation has executed a Share Purchase Agreement to acquire a 51% stake in TechNova Printrite Products Private Limited for Rs 621.00 crore. The company disclosed this significant acquisition through regulatory filings, marking a strategic expansion in the Digital Print Media business segment.

Transaction Structure and Timeline

The acquisition involves purchasing 10,01,487 equity shares representing 51% of TechNova Printrite's share capital. The transaction is based on a 100% enterprise value of Rs 1,272.10 crore negotiated between Polyplex Corporation and the sellers. The acquisition is targeted for completion within three months from execution of the Share Purchase Agreement, subject to fulfillment of customary conditions.

Target Company Profile

TechNova Printrite, incorporated on April 23, 2024, operates in the Digital Print Media business following a scheme of arrangement approved by the National Company Law Tribunal, Mumbai. The company manufactures and markets polyester, paper and textile-based substrates for digital print applications across various industries.

Strategic Rationale and Governance

The acquisition aims to achieve manufacturing and marketing synergies between TechNova Printrite and Polyplex Corporation's existing Saraprint division. TechNova Printrite brings capabilities in downstream product manufacturing, coating, product innovation, marketing and distribution, complementing Polyplex's proven manufacturing capabilities and global distribution network.

Under the governance structure, Polyplex Corporation will nominate three directors while continuing sellers will nominate two directors to TechNova Printrite's board. The Chairman will be appointed from Polyplex's nominees, ensuring management control aligned with the majority stake.

Future Options and Restrictions

The Shareholders and Rights Agreement includes call and put options exercisable between the third and fifth anniversary of the acquisition. Polyplex Corporation holds a call option to purchase the remaining 49% stake, while continuing sellers have a corresponding put option. Transfer restrictions prevent any shareholder from selling shares to third parties for five years from the acquisition date, ensuring stability during the integration period.

Polyplex Corporation Limited's board of directors has approved a significant investment in renewable energy infrastructure to support the company's sustainability initiatives and regulatory compliance requirements.

Board Approval Details

The board meeting held on March 25, 2026, approved an investment of up to Rs 1,100 lakh in Clean Max Neht Private Limited, a special purpose vehicle focused on renewable energy. The meeting commenced at 02:00 p.m. (IST) and concluded at 03:35 p.m. (IST).

Strategic Objectives

The investment serves multiple strategic purposes for Polyplex Corporation:

• Meeting green energy needs for company operations
• Optimizing energy costs across manufacturing facilities
• Ensuring compliance with regulatory requirements for captive power consumption under Electricity Laws
• Supporting solar power purchase for plants at Khatima and Bazpur

Target Entity Profile

Clean Max Neht Private Limited is a newly incorporated company in the renewable energy sector:

Implementation Framework

Polyplex Corporation will enter into a Share Subscription and Shareholders' Agreement (SSSA) with Clean Max Neht Private Limited for subscribing to equity shares. The transaction does not require governmental or regulatory approvals and involves no related party considerations, as promoters and promoter group companies have no interest in the target entity.

The investment represents Polyplex Corporation's commitment to sustainable energy practices while maintaining operational efficiency and regulatory compliance across its manufacturing facilities.