Rajesh Jain and Associates agreed to acquire 49% stake in LPS-Bossard Pvt. Ltd. from Lakshmi Precision Screws Limited (BSE:506079) for approximately INR 400 million on January 25, 2016. LPS-Bossard Pvt. Ltd. had net worth of INR 508.21 million, revenues of INR 109.6 million and net profit of INR 55.09 million. Post-completion, Lalit Jain will resign from the Board of LPS-Bossard Pvt. Ltd. The deal is subject to approval of shareholders of Lakshmi Precision Screws Limited. The deal was approved by the Board of Directors and Audit Committee of Lakshmi Precision Screws Limited on January 25, 2016. As on March 9, 2016, the shareholders of Lakshmi Precision Screws Limited approved the deal. Rajesh Jain and Associates cancelled the acquisition of 49% stake in LPS-Bossard Pvt. Ltd. from Lakshmi Precision Screws Limited (BSE:506079) on January 25, 2017.