Mumbai (Maharashtra) [India], May 7 : AVI Polymers Limited on Thursday said in an exchange filing that its board of directors has approved a proposal to acquire a 90 per cent stake in JVTR Consultants Private through a share swap mechanism on a preferential issue basis.
According to the filing submitted to BSE, the proposed acquisition has an indicative valuation of Rs 500 crore and forms part of the company's strategic expansion into the technology sector.
The company said the proposed issuance of equity shares through the share swap route is specifically intended to execute the acquisition transaction.
The proposal remains subject to finalisation of definitive terms and conditions, due diligence, execution of agreements, shareholder approval and other regulatory approvals, as applicable.
AVI Polymers also informed the exchange that the board has approved changes to the Memorandum of Association (MOA) to expand the company's business objects in line with its planned transition into technology-related businesses.
The newly proposed business areas include information technology services, software development, system integration, digital platforms and allied technology services and activities. The changes will be subject to shareholder approval.
The company stated that the strategic initiatives were approved during the board meeting held on Thursday.
AVI Polymers had earlier indicated plans to diversify into technology-led sectors through subsidiaries operating in agritech and healthtech segments.
Earlier, the company announced in an exchange filing that its board of directors will meet on May 7, 2026, to consider a potential fund raise of around Rs 500 crore through various routes, including Qualified Institutional Placement (QIP), preferential issue, private placement or a combination of permissible methods.
The company is engaged in businesses related to polymer products, speciality chemicals, agriculture trading and technology-driven solutions.