Mumbai, 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 re...