Uniply Industries Ltd. (BSE:532646) signed a share purchase agreement to acquire 8.78% stake in UV Boards Ltd. (BSE:526957) from Dugar Mercandise Private Limited for INR 13.4 million on May 20, 2016. Under the terms of the agreement, INR 10 will be paid for each share of UV Boards Ltd. In a related the transaction, Uniply Industries Limited made an offer to acquire 26% stake in UV Boards Ltd. for INR 53.5 million in cash. The transaction is subject to the receipt of required statutory and regulatory approvals and is subject to the satisfaction or waiver, if applicable, of the conditions precedent set in the share purchase agreement.

Uniply Industries Ltd. (BSE:532646) completed the acquisition of 8.78% stake in UV Boards Ltd. (BSE:526957) from Dugar Mercandise Private Limited on February 21, 2017. Post completion of the transaction, Uniply Industries Limited holds 1.34 million shares and Dugar Mercandise Private Limited holds 1.15 million shares of UV Boards Limited.