Kothinti Trivikrama Reddy, Gattupally Reshika Reddy and Neerad Kumar Gajula entered into an share purchase agreement to acquire a 26.12% stake in Infronics Systems Limited (BSE:537985) from Madhusudan Raju Mudunuru, Mudunuru Vindhya, Sridhar Reddy Devireddy, Kakani Govardhana Reddy and Kakani Vijitha for INR 4.1 million on March 10 2022. Under the terms of agreement, Acquirers will acquire 20.7 million shares of Infronics Systems at INR 2 per share and the consideration will be paid in cash to the Sale of Shares at the time of execution of this Share Purchase Agreement. In related transaction, Kothinti Trivikrama Reddy, Gattupally Reshika Reddy and Neerad Kumar Gajula made an open offer to acquire a 28% stake in Infronics Systems Limited (BSE:537985) for INR 15.9 million on March 10, 2022.

Post completion of Share purchase agreement, Kothinti Trivikrama Reddy, Gattupally Reshika Reddy and Neerad Kumar Gajula will hold 6,90,164 shares each which representing 8.7% stake in Infronics Systems. Transaction is subject to compliance with the provisions of the Takeover Regulations. In case of non-compliance with any of the provisions of the Takeover Regulations by either of the parties, this agreement for sale of the Sale Shares shall not be acted upon by either Sellers or the Acquirers