Image Source: Elitecon International
In a dramatic turn for its highly anticipated international expansion, Elitecon International Limited has placed its proposed ₹700 crore acquisition of Dubai-based Prime Place Spices Trading LLC on indefinite hold. The Board's decision was announced after serious gaps emerged during the ongoing legal and financial due diligence, raising red flags about the veracity of key financials, asset quality, and supporting documentation.
Elitecon’s internal and external teams flagged critical issues regarding the integrity and verifiability of major metrics necessary for a deal of this magnitude. Despite repeated requests, the target company’s sole shareholder, Mr. Santosh Sharma, failed to provide adequate clarifications and essential documents.
As a result
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The earlier signed Share Purchase Agreement stands void.
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All related arrangements and agreements are nullified.
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The scheduled Extraordinary General Meeting (EGM) set for August 6, 2025, for shareholder approval has been cancelled.
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The Board has given Prime Place Spices Trading LLC a final deadline of August 16, 2025, to resolve these concerns; otherwise, the acquisition will be officially shuttered.
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Elitecon said the deal may be reconsidered, but only upon satisfactory and verifiable submission of the required information. The company had previously revealed that the acquisition and associated funding were key to its global FMCG ambitions, underscored by ambitious capital-raising plans and sector-defining growth.
Key Highlights:
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Acquisition placed on indefinite hold over due diligence issues
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Share Purchase Agreement and related contracts declared void
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August 6, 2025 EGM cancelled
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Deadline of August 16, 2025, set for resolution by target
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Transaction to close if concerns remain unaddressed
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Shares had recently surged as announcement-fueled optimism gripped markets
Source: Share.Market, DSIJ
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