Accord Distillers & Brewers Private Limited, Teyro Labs Private Limited, Jam Hotels and Resorts Private Limited and Sundeep Anand Jegath Rakshagan made an offer to acquire 25.48% stake in Coromandel Engineering Company Limited (BSE:533167) for approximately INR 110 million on September 29, 2023. As per the transaction, Accord Distillers & Brewers Private Limited, Teyro Labs Private Limited, Jam Hotels and Resorts Private Limited and Sundeep Anand Jegath Rakshagan will acquire 8.4 million shares at INR 13.5 per share. Transaction is expected to complete on December 7, 2023. The transaction is subject to receipt of statutory approvals. The acquisition will be financed through internal/personal resources. The committee of Independent Directors has been formulated and its recommendations were approved. The offer period will be from January 16, 2024 to January 30, 2024.

Fortress Capital Management Services Private Limited acted as financial advisor to Accord Distillers & Brewers Private Limited, Teyro Labs Private Limited, Jam Hotels and Resorts Private Limited and Sundeep Anand Jegath Rakshagan. Bigshare Services Private Limited acted as Registrar to Coromandel Engineering.

Accord Distillers & Brewers Private Limited, Teyro Labs Private Limited, Jam Hotels and Resorts Private Limited and Sundeep Anand Jegath Rakshagan completed the acquisition of 0.049% stake in Coromandel Engineering Company Limited (BSE:533167) for approximately INR 0.2 million on January 31, 2024.