MTAR Technologies Limited (BSE:543270) signed a letter of intent to acquire GEE PEE Aerospace & Defence Private Limited from Ghanshyam Pandey and Pandey Susmita for INR 88.2 million on May 10, 2022. MTAR Technologies entered into Share Purchase Agreement to acquire GEE PEE Aerospace & Defence Private Limited from Ghanshyam Pandey and Pandey Susmita on June 2, 2022. MTAR Technologies has nominated P. Srinivas Reddy, G.V. Satish Kumar Reddy and K. Vamshidhar Reddy to act as directors on the Board of GEE PEE Aerospace, and Ghanshyam Pandey and Pandey Susmitu have resigned from the board with effect from June 2, 2022. The Board of Directors of MTAR Technologies have approved the acquisition. The transaction is expected to close within 3 months.

MTAR Technologies Limited (NSEI:MTARTECH) completed the acquisition of GEE PEE Aerospace & Defence Private Limited on June 30, 2022.