Craftsman Automation has announced an extension of the long stop date for its asset sale agreement with Shriram Pistons & Rings Limited (SPRL) to 30th June 2026. The agreement, initially set to conclude by 31st March 2026, involves the sale of certain identified plant and machinery related to the piston manufacturing business by Sunbeam Lightweighting Solutions Limited, a wholly owned subsidiary of Craftsman Automation.
The asset purchase agreement (APA) was first signed on 19th December 2025, with an amendment made on 27th March 2026 to accommodate the new timeline. The transaction is structured to occur in multiple tranches, with the second tranche expected to close by the revised deadline.
The total consideration for the transaction is Rs 28 crore, exclusive of applicable GST. Sunbeam Lightweighting Solutions has already received ₹10 crore as part of the first tranche completed on 31st December 2025. The remaining ₹18 crore will be paid upon the completion of the transaction by 30th June 2026.
SPRL, the buyer, is not part of the promoter group or related parties of Craftsman Automation. The transaction is conducted at arm’s length, ensuring compliance with the relevant regulations.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).