The board of directors of BS Ltd., a Hyderabad-based infrastructure company focused on EPC in power transmission and distribution, announced its plans to acquire four companies for a total of Rs.937 crore.
BS proposes to acquire the operative businesses of Agarwal Steels Structures India Pvt. Ltd., Durafast Automotive Pvt. Ltd., NHS Metals Pvt. Ltd. and Rajesh Sandhi Infras and Metals Pvt. Ltd.
The acquisitions are expected to benefit by way of sustainable operational and financial synergies, improve the bidding strength of BS, facilitate expansion into railway electrification EPC and eliminate dependency on business critical component vendors, a statement from the company said.
The operational businesses of the firms to be acquired include tower manufacturing, component manufacturing such anti-theft steel fasteners, steel structures, transmission line hardware and related EPC businesses.
For the purpose of discharging the consideration for the acquisitions, the board approved a proposal to issue and allot up to 22.30 crore share of face value of Re.1 each at price determined as per SEBI regulations.
The board also gave its nod for raising funds up to $150 million.