Diligent Industries Limited (BSE:531153) agreed to acquire Adithya Agro Allied Oils Limited from a consortium of sellers for approximately INR 100 million in stock on January 11, 2013. The consortium of sellers consists of Vankineni Bhanu Prakash, Vankineni Ratna Kumari, Vankineni Kiran Kumar, Kalagara Savithri, Garapati Gangaram Chowdary, Vankineni Phani Anupama, Vankineni Vijayalakshmi and Vankineni Padma Kumari. Diligent Industries will issue 2.6 shares as consideration for each share of Adithya Agro Allied Oils Limited. Upon completion, the promoters of Diligent Industries shall become promoters of Adithya Agro.

The transaction is subject to the approval of Stock Exchange, High Court of Andhra Pradesh, the shareholders of Diligent Industries and Adithya Agro Allied Oils, creditors. The Board of Directors of the Diligent Industries approved the transaction on January 11, 2013. The Hon'ble High Court of Judicature of Andhra Pradesh directed Diligent Industries to convene a meeting of its shareholders on August 5, 2013. As on July 19, 2013, Ashika Capital Limited opinied that the transaction is M.N. Rao & Associates carried out the valuation of Adithya Agro Allied Oils and Ashika Capital Limited acted as fairness opinion provider for Diligent Industries.