Yashraj Biotechnology Limited signed a share purchase agreement to acquire 48.34% stake in Utkal Soap Products Limited from Kailash Tantia, Akash Tantia, South India Projects Limited, J.P. Tantia HUF, Jay Prakash Tantia and Kailash Soap Pvt Ltd for INR 1.9 million.
The existing Board of Directors of Utkal Soap Products Limited shall be reconstituted to the satisfaction of Yashraj Biotechnology after an initial period of 21 working days from the detailed public statement after depositing 100% in escrow account of the consideration under the open offer in cash. Further, the sellers will take steps to ensure that all or any of the existing Directors of Utkal Soap Products Limited, representing the sellers/ promoters Group shall resign as director of Utkal Soap Products Limited as directed by the acquirers and the nominees of Yashraj Biotechnology will be appointed on the Board of Directors of Utkal Soap Products Limited.