The takeover process of Srico Systems (India) Ltd (SSL) by V Rao Bathina and associates has been completed. After completion of the public offer, the new management's equity holding in the company has increased to over 51 per cent.

Bathina and associates have acquired 43.68 per cent equity from the initial promoters. Later the group had made a public offer to buy 20 per cent of the equity from public as per the takeover procedure. The acquirer group had received a total of 3,78,000 shares from public.

As part of takeover process, SSL board had met and inducted V Rao Bathina and DVSS Lakshminarayana as additional directors on the board and also elected Bathina as the chairman. The new board had decided to appoint Price Waterhouse as auditors of the company, the company statementsaid.

While accepting the delays in the share transfers, the new chairman assured the shareholders to complete the pending transfers soon. In view of delay in takeover procedure coupled with unforeseen issues such as change of registrars of the company and management takeover being incomplete, the share transfer has been delayed, he said.