Padmanabh Industries Limited (BSE:526905) agreed to acquire 69.96% stake in Guardian Finance Ltd. for INR 15.7 million on January 9, 2018. Under the transaction, Padmanabh Industries Limited will acquire 1.5 million shares of Guardian Finance Ltd. The purchase price will be paid in cash. As of March 31, 2017, Guardian Finance Ltd. had revenue of INR 0.64 million. The transaction is subject to approval from Reserve Bank of India. The transaction has been approved by Board of Directors of Padmanabh Industries Limited on January 9, 2018. The transaction has been approved by Reserve Bank of India on February 2, 2018. The transaction is expected to complete in 2 months. Padmanabh Industries Limited (BSE:526905) cancelled the acquisition of 69.96% stake in Guardian Finance Ltd. on January 9, 2019.