Hazel Mercantile Limited agreed to acquire Reliance Naval and Engineering Limited (BSE:533107) on December 16, 2021. Hazel Mercantile Limited will issue 2.68 million shares in the ratio of 1 fresh equity share for every 275 ordinary equity shares of RNEL. In compliance to the Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015, we wish to inform that the company has decided to join Mis Hazel Mercantile Limited (HML), as a strategic partner through a SPY, in the event Resolution Plan, submitted by HML to acquire Mis Reliance Navel and Engineering Limited (RNRL) from NCLT, is approved. As of October 27, 2023, Hazel Mercantile Limited released INR 2.3 billion towards balance upfront payment, and has sought extension of 1 year for making payment of the second tranche of INR 3.12 billion, which was due on December 23, 2023. The monitoring committee has handed over the management of the RNEL to the successful resolution applicant with the approval of all the Committee of Creditors members and subsequently the Monitoring Committee from January 04, 2024 stands dissolved. RBSA Valuation Advisors LLP acted as financial to Reliance Naval and Engineering.

Hazel Mercantile Limited completed the acquisition of Reliance Naval and Engineering Limited (BSE:533107) on April 15, 2024.