Harmony Capital Services Ltd Announces Acquisition of Truvolt Engineering Co Private Limited via Share Swap

Harmony Capital Services Ltd Announces Acquisition of Truvolt Engineering Co Private Limited via Share Swap​

Harmony Capital Services Ltd has announced a significant strategic expansion following the approval by its Board of Directors to acquire a controlling interest in Truvolt Engineering Co Private Limited. The transaction, structured as a share swap arrangement, will result in Truvolt Engineering Co Private Limited becoming a subsidiary of Harmony Capital Services Ltd.

The acquisition involves the purchase of 63,23,700 equity shares, which represents approximately 51% of the paid-up equity share capital of the target company. To facilitate this transaction, the company approved the issuance and allotment of up to 1,26,47,400 equity shares of the company at an issue price of Rs.66 per equity share (including a securities premium of Rs.56 per equity share).

The total consideration for the proposed acquisition is valued at Rs.83,47,28,400. This arrangement will be executed through a preferential issue on a private placement basis for consideration other than cash to the existing shareholders of Truvolt Engineering Co Private Limited.

Strategic Rationale and Valuation​

The company stated that the acquisition aligns with its strategy of strategic consolidation and is expected to strengthen its business operations while creating long-term value for stakeholders. Truvolt Engineering Co Private Limited, incorporated in 1970, operates in the engineering, manufacturing, fabrication, and allied industrial activities sectors.

To ensure a fair transaction, the Board reviewed independent valuation reports conducted by Mr. CA Prashant Ghorela. The valuations are summarized below:


Based on these valuations, the Board determined a share exchange ratio of 1:2, where 2 equity shares of Harmony Capital Services Ltd will be issued for every 1 equity share of Truvolt Engineering Co Private Limited.

Financial Performance and Subsidiaries​

In conjunction with the corporate action, the Board approved the unaudited financial results for the quarter ended June 30, 2026. The statutory auditors have conducted a limited review of these interim financial results.

For the period ended June 30, 2026, the company reported the following regarding its corporate structure:

Transaction Timeline and Governance​

The acquisition is expected to be completed within 15 days from the date of receipt of necessary approvals from the stock exchanges and other regulatory authorities. The Board has authorized its Directors, Key Managerial Personnel, and the Company Secretary to finalize and execute the Share Swap Agreement and all ancillary documents.

To ensure a transparent process, M/s. Ajay Yadav & Associates, Practising Company Secretaries, has been appointed as the Scrutinizer to oversee the remote e-voting process conducted through Postal Ballot.

Stock Price Movement​

Harmony Capital Service Ltd shares settled at ₹97.84, up 4.99% at the close of trade on Monday. The stock was trading completely flat as it locked throughout the day at ₹97.84.