Polyplex Corporation Limited Acquires 51% Stake in TechNova Printrite Products Private Limited
Polyplex Corporation Limited announced on March 25, 2026, that it has executed a Share Purchase Agreement and a Shareholder’s and Rights Agreement to acquire 51% of the equity share capital of TechNova Printrite Products Private Limited.The transaction involves Polyplex acquiring 10,01,487 equity shares, representing 51% of the share capital, for a cost of approximately INR 6,210 lakh, subject to post-closing adjustments. This acquisition is based on a 100% enterprise value of INR 12,721 lakh.
TechNova Printrite Products Private Limited, incorporated on April 23, 2024, is engaged in the manufacturing and marketing of polyester, paper, and textile-based substrates used for digital print applications. The company's turnover for the financial years 2022-2023, 2023-2024, and 2024-2025 was INR 21,871 lakh, INR 21,425 lakh, and INR 21,425 lakh, respectively.
The acquisition is aimed at achieving manufacturing and marketing synergies between TechNova Printrite and Polyplex, and to strengthen the value-added product portfolio for digital print applications. Polyplex will have the right to nominate three directors to the board, while the continuing sellers will nominate two. The transaction is expected to be completed within three months.
The Board of Directors meeting, during which the transaction documents were approved, took place on March 25, 2026, commencing at 2:00 p.m. (IST) and concluding at 3:35 p.m. (IST).
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