Tega Industries Limited (NSEI:TEGA) enter into letter of intent to acquire McNally Sayaji Engineering Limited on September 26, 2022. Consideration is paid in cash. The financing for the acquisition will be through an optimal mix of internal resources and debt. The acquisition is in line with the Company's objective of widening its product portfolio to service global and Indian businesses better. The Resolution Plans were opened before the CoC in its 5th CoC meeting and the Resolution Plans were placed for discussion before the CoC in its 6 th CoC meeting and the CoC requested for further revision in the Resolution Plans. The Resolution Plan dated April 22, 2022, is hereby APPROVED by court. All the Resolution Applicants were called for negotiation and bidding on June 28, 2022. The Resolution Plan submitted by Tega Industries Limited was approved with 99.787% voting share. The Resolution Professional issued the letter of Intent on September 26, 2022. NCLT has approved Tega's Resolution Plan for the acquisition of McNally Sayaji Engineering Limited through CIRP process on February 24, 2023. Once completed, this will be Tega's first acquisition in India and fourth worldwide. The acquisition is expected to be completed over the next two months. Registrars of Companies acted as registrar to McNally Sayaji Engineering.

Tega Industries Limited (NSEI:TEGA) completed the acquisition of McNally Sayaji Engineering Limited on March 29, 2023.