Polyplex Acquires 51% Stake in TechNova Printrite for ₹621 Crore
Polyplex Corporation Limited is acquiring a 51% stake in TechNova Printrite Products Private Limited for approximately ₹621 crore. This acquisition aims to enhance synergies in manufacturing and marketing for digital print applications. The deal is expected to close within three months. Polyplex will nominate three directors to TechNova Printrite's board.
The acquisition of a significant stake in a company with a notable turnover in the digital print media business represents a strategic move that could substantially impact Polyplex's market position and future growth in a key segment.
The acquisition is expected to create manufacturing and marketing synergies, strengthen the product portfolio, and expand the company's presence in the digital print applications market, which is a positive development.
Polyplex Corporation Limited has entered into a Share Purchase Agreement (SPA) and a Shareholder's and Rights Agreement (SHRA) to acquire a 51% equity share capital of TechNova Printrite Products Private Limited. The SPA was executed on March 25, 2026, with the sellers being Ms. Shelina P Parikh, Ms. Maya Parikh Verma, Mr. Jivan G Bhatt, and Ms. Nilakshi Bhatt. TechNova Printrite, incorporated on April 23, 2024, is involved in the manufacturing and marketing of polyester, paper, and textile-based substrates for digital print applications, carving out the Digital Print Media (DPM) business from TechNova Imaging Systems Private Limited.
The acquisition is aimed at achieving manufacturing and marketing synergies between TechNova Printrite and Polyplex's existing Saraprint division, thereby strengthening the value-added product portfolio for digital print applications. The DPM business of TechNova Imaging reported turnovers of ₹21,871 lakh in FY23, ₹21,425 lakh in FY24, and ₹20,638 lakh in FY25.
The cost of acquisition for the 51% stake is approximately ₹6,210 lakh (INR 621 crore), based on a 100% enterprise value of ₹12,721 lakh (INR 1,272.1 crore). The transaction does not require any governmental or regulatory approvals. The acquisition is targeted to be completed within three months from the execution of the SPA, subject to customary closing conditions. Post-acquisition, the continuing sellers will hold the remaining 49% share capital.
The SHRA outlines the inter se rights and obligations, including Polyplex's right to nominate three directors and the continuing sellers' right to nominate two directors to TechNova Printrite's board. Polyplex will appoint the Chairman of the Board. Share transfer restrictions will be in place for five years, and Polyplex holds a call option while the continuing sellers have a put option for the balance 49% share capital, exercisable between the third and fifth anniversary of the acquisition date. The day-to-day operations of TechNova Printrite will be headed by its President, who will also lead Polyplex's Saraprint division.
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Polyplex Corporation Limited filed this with the NSE as a statutory disclosure, categorised under acquisition. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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See the model portfoliosA plain-language summary of a public exchange filing by Polyplex Corporation Limited. Read the original for the full detail.