Sky Industries Limited (CIN: L17120MH1989PLC052645), a prominent company based in Mumbai, has announced a significant acquisition of 19,89,602 equity shares in its subsidiary Skytech Textiles Private Limited. This acquisition, valued at Rs. 1,98,96,020, was made through subscribing to the rights issue of Skytech. This strategic move aligns with the company’s financial growth and expansion plans and adheres to the provisions outlined under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Key Details:

• Acquisition Details: The shares acquired represent an investment in the business of Skytech, a manufacturer of various flocked fabrics, including materials such as nylon, rayon, polyester, cotton, and more. The total value of the acquisition amounts to Rs. 1,98,96,020.

• Related Party Transaction: As Skytech is a subsidiary of Sky Industries, this acquisition falls under the category of related party transactions. However, the transaction has been conducted at arm's length, ensuring compliance with regulatory standards.

• Business Focus of Skytech: The turnover of Skytech for the fiscal year 2023-24 is reported at Rs. 14,44,713. The company operates in the manufacturing of flocked fabrics used in various sectors, including garments, tapestries, upholstery, and carpets. It was incorporated as a subsidiary in June 2023.

• Purpose of the Acquisition: The acquisition supports Skytech's efforts to repay or prepay some of its outstanding borrowings, thereby strengthening its financial position. This investment reflects Sky Industries' commitment to nurturing its subsidiary’s growth.

• Regulatory Compliance: The company has also provided detailed information regarding the acquisition in compliance with the requirements of SEBI Circular SEBI/HO/CFD/CFDPoD-1/P/CIR/2023/123 dated 13th July 2023.

No Change in Shareholding:

The transaction does not lead to any change in the overall shareholding of Sky Industries in Skytech. Skytech will continue to operate as a subsidiary of the company, further expanding its market presence in the fabric manufacturing sector.

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