Genus Prime Infra Limited entered into draft scheme of arrangement to acquire Investment Business division from shareholders of Genus Power Infrastructures Limited for INR 3.7 million.

Genus Prime Infra Limited (BSE:532425) entered into draft scheme of arrangement to acquire Investment Business division from shareholders of Genus Power Infrastructures Limited for INR 3.7 million on December 5, 2020. Under the terms, Genus Prime Infra will issue 1 shares for every 6 shares of Genus Power. In a related transaction, Genus Prime Infra agreed to acquire from Yajur Commodities.

For the year ended March 31, 2020, Investment Business Division generated revenue of INR 32.59 million. The transaction is subject to requisite statutory, regulatory, creditors, stock exchanges, SEBI and approvals including the approval of the jurisdictional National Company Law Tribunal. As of December 5, 2020, Board of Directors of Genus Power and Genus Prime Infra approved the transaction.

As of September 16, 2021, BSE Limited has issued its Observation/No-objection Letter conveying 'No adverse observation/No-objection'', to the transaction.