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BSE SME-listed DroneAcharya has taken a U-turn from its decision to merge with agri-drone company AITMC Ventures and has decided to put the merger on hold.
In a regulatory filing, DroneAcharya said that its board has “rescinded” the resolution it passed on January 23 this year regarding signing a term sheet with AITMC Ventures for a “proposed strategic merger”.
“The reason for the recission is to re-evaluate the term sheet and focus on the current growth and future opportunities in the sector,” the filing added.
However, DroneAcharya founder and MD Prateek Srivastava told Inc42 that the company has not cancelled the merger but put it on hold for now.
In January, when the two companies signed the term sheet for the merger, Srivastava said that the merge would act as a “force multiplier” for both the companies and make the resultant entity a leader in India’s burgeoning drone tech space. Post the merger, the resultant entity was to look for a main board listing on the BSE.
Founded in December 2016 by Deep Sisai and Preet Sandhuu, AITMC Ventures is operated by AVPL. It is an agri-drone company with presence across 12 states, featuring 50 Global Incubation and Skill Hubs (GISH) and 20 World Incubation and Skill Hubs (WISH) dedicated exclusively to the drone and agriculture sectors.
AITMC filed its draft red herring prospectus (DRHP) for an initial public offering (IPO) on NSE Emerge in October 2023. However, it didn’t proceed ahead with the issue.
(The story will be updated soon.)
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