Craftsman Automation Limited has taken a significant step towards acquiring Sunbeam Lightweighting Solutions by subscribing to 13.6 crore optionally convertible debentures (OCDs) for a total of INR 136 crore.
This forms part of a larger transaction outlined in an earlier agreement signed on August 5, 2024, between Craftsman Automation, Sunbeam, and Kedaara Capital Fund II LLP.
The company plans to acquire 100% ownership of Sunbeam and has an option to convert these OCDs into equity shares. The OCDs do not carry any voting rights.
The final closure of this acquisition, including the subscription of the remaining 24 crore OCDs and the transfer of complete ownership from Kedaara, is contingent upon certain conditions outlined in the Securities Subscription and Purchase Agreement (SSPA). Further updates will be provided upon completion of the full transaction
