Sila Solutions Private Limited agreed to acquire Forbes Facility Services Private Limited from Forbes & Company Limited (BSE:502865) for INR 420 million on February 23, 2022. As of May 20, 2022 share purchase agreement executed. As on March 31, 2021, Forbes Facility Services Private Limited reported total income/revenue of INR 1529.3 million and total profit of INR 29.8 million.

The transaction is subject to completion of conditions precedent as shall be set out in the definitive documents and is likely to be completed by Q1 of FY 2022-2023. The definitive agreements are expected to be executed by March 31, 2022. The aforesaid transaction is expected to be completed in Q2 of FY 2022-2023.

DAM Capital Advisors Ltd acted as financial advisor to Forbes & Company Limited. Natasha Treasurywala and Shireen Langrana of Desai & Diwanji acted as legal advisor to Forbes & Company Limited. Aakanksha Joshi of Economic Laws Practice acted as legal advisor to SILA Solutions Private Limited.

Approval for sale or disposal of 100% shareholding of the Company in Forbes Facility Services Private Limited, wholly owned subsidiary of the Company.