NewsCorporate ActionsIndef Manufacturing Completes Rs 5.08 Crore Acquisition of Daedalus Lift & Access EquipmentsIndef Manufacturing Completes Rs 5.08 Crore Acquisition of Daedalus Lift & Access Equipments
Indef Manufacturing has acquired an 80% stake in Daedalus Lift & Access Equipments Private Limited for Rs 5.08 crore. The acquisition involved purchasing 1,600,229 equity shares at Rs 31.73 each, with Rs 30 lakh set aside as retention money. Daedalus, specializing in Mobile Elevating Work Platforms and Material Handling equipment, reported a turnover of Rs 6.71 crore in FY 2024-25 but faced a loss after tax of Rs 1.90 crore. This strategic move aims to strengthen Indef Manufacturing's presence in the material handling and access equipment segment.
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Indef Manufacturing has successfully completed the acquisition of an 80% stake in Daedalus Lift & Access Equipments Private Limited for Rs 5.08 crore, as announced in a regulatory filing. This strategic move positions Daedalus as a subsidiary of Indef Manufacturing, marking a significant expansion in the material handling and access equipment segment.
Acquisition Details
The acquisition involved the purchase of 1,600,229 equity shares at Rs 31.73 each, totaling Rs 5.08 crore. As part of the agreement, Rs 30 lakh has been set aside as retention money for one year to cover potential claims or liabilities.
About Daedalus Lift & Access Equipments
Daedalus, established on April 21, 2017, specializes in Mobile Elevating Work Platforms (MEWP) and Material Handling equipment. The company has shown remarkable growth in recent years:
| Financial Year | Turnover (Rs in Crore) |
|---|---|
| 2024-25 | 6.71 |
| 2023-24 | 4.96 |
| 2022-23 | 2.78 |
Despite the impressive revenue growth, Daedalus reported a loss after tax of Rs 1.90 crore in FY 2024-25.
Strategic Implications
This acquisition aligns with Indef Manufacturing's strategy to strengthen its presence in the material handling and access equipment segment. The company expects this move to complement and enhance its product portfolio while expanding its market reach.
Transaction Structure
- Indef Manufacturing acquired 80% of Daedalus' equity shares
- Total consideration: Rs 5.08 crore
- Price per share: Rs 31.73
- Retention amount: Rs 30 lakh (to be released after one year)
Regulatory Compliance
The acquisition has been completed in compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Indef Manufacturing has confirmed that this transaction does not fall under related party transactions, and neither the promoter nor the promoter group has any interest in Daedalus.
As Indef Manufacturing integrates Daedalus into its operations, the market will be watching closely to see how this strategic acquisition impacts the company's performance in the competitive material handling and access equipment sector.
Historical Stock Returns for Indef Manufacturing
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +1.89% | -3.26% | -13.58% | +55.40% | +30.16% | +30.16% |
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