Harmony Capital Service Ltd
The Stock Exchange and stakeholders are requested to take on record with respect to the proposed acquisition of approximately 51% of Equity stake in Truvolt Engineering Co Pvt Ltd by ....
M&A
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MEDIUM RISK
📅 Filed on BSE: 16 Jul 2026, 10:45 PM IST · BSE ID: 48e87f05-5ca4-48bb-be6b-2d4f85a05284
View Original BSE Filing (PDF)
💡
In Simple Terms
Harmony Capital plans to buy 51% of Truvolt Engineering using company shares, making it a subsidiary.
🤖 AI Summary
- Board approved acquiring 63,23,700 Equity Shares, approximately 51% of Truvolt Engineering Co Private Limited.
- Acquisition will be through a Share Swap Arrangement, making Truvolt Engineering a subsidiary.
- Approval for preferential issue of 1,26,47,400 Equity Shares at Rs.66/- each, aggregating Rs.83,47,28,400/-.
- Independent valuation reports were recorded, determining a Share Exchange Ratio of 1:2.
- Proposed acquisition and share issuance are subject to member and regulatory approvals.
🔢 Key Numbers — exact figures from BSE filing, not rounded
Truvolt Engineering Equity Shares Acquired
63,23,700 Equity Shares
Harmony Capital Equity Shares Issued
1,26,47,400 Equity Shares
Issue Price per Harmony Capital Share
Rs. 66/-
Total Preferential Issue Value
Rs. 83,47,28,400/-
Share Exchange Ratio (Harmony:Truvolt)
1:2
🏢 How This Affects the Company
The acquisition of Truvolt Engineering Co Private Limited will expand Harmony Capital's business operations by incorporating a new subsidiary. This integrates Truvolt's operations, potentially diversifying revenue streams.
The issuance of 1,26,47,400 Equity Shares at Rs.66/- each, totaling Rs.83,47,28,400/-, will increase Harmony Capital's paid-up equity share capital. This transaction is for consideration other than cash, impacting the capital structure without immediate cash outflow.
Upon completion, Truvolt Engineering Co Private Limited will become a subsidiary, necessitating integration of its operations and management into Harmony Capital's framework. This will involve managing an expanded corporate structure.
The acquisition is subject to member approval, BSE Limited in-principle approval, and other statutory/regulatory approvals. Failure to secure these approvals poses a risk to the completion of the proposed transaction.
👥 What This Means For Shareholders
✅
Action Required
Shareholders will be required to vote on the proposed acquisition and preferential issue via a Postal Ballot.
👤
Who Is Affected
Existing shareholders of Harmony Capital Services Limited will experience an increase in the number of outstanding equity shares due to the issuance of up to 1,26,47,400 new Equity Shares. Shareholders of Truvolt Engineering Co Private Limited will receive Harmony Capital shares in exchange for their holdings.
🔍
Management Signal
Management intends to expand the company's business through strategic acquisition, leveraging a share swap to conserve cash while integrating a new subsidiary.
For information only. Not investment advice. ForgeUp is not SEBI-registered.
👁 Watch List — track these upcoming events
Outcome of the Postal Ballot for member approval of the acquisition and share issuance.
Receipt of In-Principle Approval from BSE Limited for the proposed transaction.
Confirmation of other statutory and regulatory approvals required for the acquisition.
MEDIUM RISK
Completion of the acquisition and share issue is contingent on multiple member and regulatory approvals.
💡 Investor Takeaway
Harmony Capital's Board approved acquiring 51% of Truvolt Engineering Co Private Limited for Rs.83,47,28,400/- via a share swap, issuing 1,26,47,400 new Equity Shares at Rs.66/- each. This makes Truvolt a subsidiary, subject to member and regulatory approvals.
⚖️ Strengths & Concerns
✅ Positives
- Board approval for acquiring approximately 51% of Truvolt Engineering Co Private Limited through a Share Swap.
- Independent valuation reports determining fair value and a 1:2 share exchange ratio support the transaction terms.
⚠️ Concerns
- The acquisition and preferential share issue are subject to approval of members and regulatory bodies.
- The valuation was performed by a single independent registered valuer for both Harmony Capital and Truvolt Engineering.
📅 Company Track Record
Harmony Capital Service Ltd recently completed a takeover by Bonaza Portfolio Ltd, with the Post-Offer Advertisement filed on 2026-03-20. This acquisition marks a significant strategic move following the recent change in control.
Based on publicly available historical data. For context only.
❓ Frequently Asked Questions
What is the total value of Harmony Capital's preferential share issue for the acquisition?
Harmony Capital Services Ltd approved issuing up to 1,26,47,400 Equity Shares at an issue price of Rs.66/- per Equity Share, aggregating to Rs.83,47,28,400/-, for the share swap arrangement.
What is the share exchange ratio for the Harmony Capital and Truvolt Engineering acquisition?
The proposed Share Exchange Ratio is 1:2, meaning 2 Equity Shares of Harmony Capital Services Limited will be issued for every 1 Equity Share of Truvolt Engineering Co Private Limited.
What approvals are required for Harmony Capital's acquisition of Truvolt Engineering?
The proposed acquisition requires approval of the Company's Members, receipt of In-Principle Approval from BSE Limited, and other statutory and regulatory approvals.
Questions based on this BSE filing only. For information purposes.