Appu Financial Services Ltd entered into a share purchase agreement to acquire a 48.95% stake in Velox Industries Limited (BSE : 506178) from Zeus Trading Enterprise Pte. Ltd. for INR 1.7 million on June 29, 2022. Appu Financial will pay cash price of INR 10 per share to acquire 170,850 shares, representing approximately 48.95% stake in pre-issue paid-up share capital of Velox Industries.

In a related transaction, Appu Financial Services Ltd made an offer to acquire a 26% stake in emerging paid up share capital of Velox Industries Limited for INR 33.4 million. The transaction is subject to receipt of required statutory approval and the satisfaction of certain conditions precedent as specified under the SPA.