Shri Lakshmi Metal Udyog Limited entered into a share purchase agreement to acquire 31.4% stake in Apollo TriCoat Tubes Limited (BSE:538566) from Rahul Gupta for approximately INR 960 million on October 18, 2018. Shri Lakshmi Metal Udyog Limited will acquire 8.03 million shares of Apollo TriCoat Tubes Limited at INR 120 per share in cash. Shri Lakshmi Metal Udyog Limited will also acquire 4.3 million options attached to warrants. In a related transaction, Shri Lakshmi Metal Udyog Limited will make an open offer. On February 14, 2009, 2 million warrants were converted into Apollo TriCoat Tubes shares and will be transferred as part of the agreement. On April 12, 2019, 2.3 million warrants are converted into Apollo TriCoat Tubes shares and will be transferred as part of the agreement. There are no statutory approvals required for the acquisition. The Board of Directors of APL Apollo Tubes Limited (BSE:533758), parent of Shri Lakshmi Metal Udyog Limited approved the transaction on October 18, 2018. On May 3, 2019, 30 shares of Apollo TriCoat Tubes were transferred to Shri Lakshmi Metal Udyog and on May 18, 2019, 8.03 million shares are transferred to Shri Lakshmi Metal Udyog. Shri Lakshmi Metal Udyog Limited completed the acquisition of 40.4% stake in Apollo TriCoat Tubes Limited (BSE:538566) from Rahul Gupta for INR 1.5 billion on June 17, 2019. On June 17, 2019, 4.2 million shares of Apollo TriCoat Tubes are transferred to Shri Lakshmi Metal Udyog. Post completion, Shri Lakshmi Metal Udyog Limited will hold 49.81% stake in Apollo TriCoat Tubes Limited.