Tembo Global Industries Limited has filed a revised disclosure regarding its acquisition of 2,90,62,305 equity shares in Tembo Classic Engineering Private Limited, formerly known as Tembo Defense Products Private Limited. This acquisition represents 75.09% of the total shareholding in the target entity. The acquisition falls within related party transactions, with promoter/promoter group/group companies having an interest. The transaction was conducted at arm's length. Tembo Classic Engineering Private Limited is engaged in the business of manufacturing, repairing, refitting, testing, and dealing in armaments, including defence products and equipment. The primary objective of this acquisition is to explore new business opportunities within the defence sector. The acquisition involves subscribing to equity shares through a cash consideration, amounting to ₹126.71 crore. This stake acquisition is a strategic move to expand Tembo Global Industries' presence in the defence industry.
