Safa Systems & Technologies Limited agreed to acquire 100% of Effective Lifestyle Private Limited and 51% of Kanone Technologies Private Limited for INR 167.58 million.

Safa Systems & Technologies Limited (BSE:543461) entered into a share swap agreement to acquire 100% of Effective Lifestyle Private Limited and 51% of Kanone Technologies Private Limited for approximately INR 170 million on February 17, 2024. The consideration consists of issuance of 11.97 million shares of Safa Systems & Technologies Limited. The turnover of Effective Lifestyle Private Limited and Kanone Technologies Private Limited for FY2022-23 stood at INR 2531.863 million.

The acquisition shall be subject to regulatory/ statutory approvals including minority shareholders? approval. The Board of Directors of Safa Systems & Technologies Limited approved the acquisition.

The closing is expected before April 15, 2024.