Ashnisha Alloys Pvt Ltd agreed to acquire trading and investment business from Lesha Industries Limited (BSE:533602) on January 16, 2016. As part of the demerger of business from Lesha Industries Limited to Ashnisha Alloys Pvt Ltd, Ashnisha Alloys Pvt Ltd (resulting company) will issue and allot 3.01 million shares to the shareholders of Lesha Industries Limited in the ratio of eight new equity shares of the resulting company for every 25 equity shares held by the shareholders in the demerged company. As part of the transaction, listing of Ashnisha Alloys is also proposed.

The transaction was approved by the Board of Directors of Lesha Industries Limited on January 16, 2016. The transaction was issued no adverse observation letter by Bombay Stock Exchange on June 23, 2016. As per the scheme of arrangement between the parties, Ashnisha Alloys Pvt Ltd changed its name to Ashnisha Industries Limited on March 29, 2017.

National Company Law Tribunal approved the transaction on May 29, 2017. Naimish K Shah, Chartered Accountants, acted as a valuer for Lesha Industries Limited.