Markab Capital WLL, Kuwait and Markab India SPV Private Limited entered into share purchase agreement to acquire 20.71% stake in Uniply Industries Limited (BSE:532646) from Keshav Kantamneni, KKN Holdings Private Limited and Madras Electronic Solutions Private Limited for INR 2.8 billion on July 3, 2019. The consideration shall be paid in cash. As per the terms, Markab Capita shall acquire 342.23 equity shares and 8.5% warrants representing 3.23 million warrants of Uniply Industries. The consideration for the warrants shall be INR 332.07 million. Presently, Keshav Kantamneni holds 12.22% stake, KKN Holdings holds 11.19% stake and Madras Electronic Solutions holds 4.33% stake in Uniply Industries. Post completion, Keshav Kantamneni will hold 7.02% stake and Markab Capital will hold 20.71% stake in Uniply Industries. In a related transaction, Markab Capital WLL, Kuwait made the offer to acquire 26% stake in Uniply Industries Limited (BSE:532646) for INR 4.1 billion on July 3, 2019.

Markab Capital WLL, Kuwait and Markab India SPV Private Limited cancelled the acquisition of 20.71% stake in Uniply Industries Limited (BSE:532646) from Keshav Kantamneni, KKN Holdings Private Limited and Madras Electronic Solutions Private Limited on August 23, 2019. The transaction got terminated due to non -fulfillment of escrow obligation by Markab Capital WLL, Kuwait and Markab India SPV Private Limited.