Gensol Engineering Limited (BSE:542851) signed a sign a binding Term Sheet agreement to acquire Scorpius Trackers Private Limited for INR 1.05 billion on March 22, 2023. In related Transaction Gensol Engineering Limited will also subsequently invest INR 239.6 million as capital infusion in Scorpius Trackers Private Limited. Post the Transaction will become Wholly owned Subsidiary of Scorpius Trackers Private Limited.

Scorpius Trackers Private Limited reported a turnover of INR 1.54 billion in 2021?22. The transaction is subject to execution of definitive agreements, Due Diligence and completion of certain identified conditions precedent. The transaction is subject to complete on June 30, 2023.

As on August 4, 2023, Gensol Engineering entered into definitive agreements to acquire Scorpius Trackers Private Limited for INR 1.2 billion. Gensol will pay cash consideration of INR 510.4 million and issue 0.4 million shares. As on September 13, 2023, Gensol entered into a letter agreement with Scorpius wherein Gensol will acquire 100% of the share capital of Scorpius in 2 (two) tranches.

In the first tranche, part of the share capital of Scorpius will be acquired for share consideration which completed on September 13, 2023. In the second tranche, the remaining share capital of Scorpius will be acquired for cash consideration. The second tranche is proposed to be completed within 45 (forty five) days from the date of completion of the first tranche.

RCS Advisors India Private Limited member of Globalscope Partners acted as financial advisor to Scorpius Trackers Private Limited.