Zenith Capitals Ltd. (BSE:508900) agreed to acquire Hubek Engineering Limited and Mhagujkar Agrocon Limited in stock on September 10, 2013. Under the terms of agreement, Zenith Capitals will acquire Hubek Engineering Limited and Mhagujkar Agrocon Limited for swap ratio of 1:1 for both, Hubek Engineering Limited and Mhagujkar Agrocon Limited. The Board of Directors of Zenith Capitals approved the transaction on September 10, 2013. As on September 16, 2013, the Audit Committee of Zenith Capitals recommended the transaction. The Board Meeting of Zenith Capitals is schedule to be held again on September 18, 2013, to consider and approve the complete scheme of arrangement. The Board of Directors approved the transaction.

Sobhagya Capital Options Ltd acted as the fairness opinion provider for Zenith Capitals Ltd, Hubek Engineering Limited and Mhagujkar Agrocon Limited. Gulab Associates acted as the accountant for Zenith Capitals Ltd.

Zenith Capitals Ltd. (BSE:508900) cancelled the acquisition of Hubek Engineering Limited and Mhagujkar Agrocon Limited on September 10, 2014.