Flywings Simulator Training Centre Buys 46.74% of Shree OSFM

Flywings Simulator Training Centre Limited has agreed to acquire a 46.74% controlling stake in Shree OSFM E-Mobility Limited for ₹43.92 crore in cash, marking its first acquisition outside its core training business and triggering a mandatory open offer at ₹61 per share.

What has Flywings agreed to acquire?

Flywings Simulator Training Centre Limited, referred to hereafter as Flywings, has signed a Share Purchase Agreement to buy 72 lakh equity shares of Shree OSFM E-Mobility Limited from its promoters. The shares represent 46.74% of Shree OSFM's fully diluted paid-up equity share capital.

The agreed purchase price is ₹61 per share, taking the cash consideration for the initial stake to ₹43.92 crore. The transaction transfers control of Shree OSFM to Flywings, which will assume promoter status after completion. The company disclosed the acquisition to the National Stock Exchange on November 12, 2026.

Shree OSFM operates in employee transportation services and vehicle rentals in India. The acquisition gives Flywings a presence in a mobility-related operating business, differing from its established simulator training operations.

The announced deal is Flywings' first acquisition outside its core training business. This makes the transaction significant not only because it changes control of Shree OSFM, but also because it provides a concrete step towards Flywings' stated mobility pivot.

Why is an open offer being made to Shree OSFM shareholders?

Flywings must make an open offer because the purchase of a controlling stake triggers requirements under the Securities and Exchange Board of India’s Substantial Acquisition of Shares and Takeovers Regulations. The offer is proposed at the same price as the promoter transaction, ₹61 per fully paid-up equity share.

The open offer is for up to 40,04,884 shares, representing 26% of Shree OSFM's expanded voting share capital. If shareholders tender the full number of shares sought, the maximum consideration for this part of the transaction will be about ₹24.43 crore.

Assuming full acceptance, Flywings' holding could rise to 72.74%. However, the final holding will depend on shareholder participation in the offer. Shree OSFM must retain at least 25% public shareholding under the Securities Contracts (Regulation) Rules.

Credora Partners Private Limited has been appointed as the manager to the open offer. The filing identifies the open offer as the mechanism through which eligible public shareholders can tender shares at the disclosed price.

What does Shree OSFM bring to Flywings?

Shree OSFM provides employee transportation services and operates in the vehicle rentals segment. The target reported turnover of ₹153 crore in FY26, according to the acquisition disclosures. It was incorporated in 2006.

The target's business places Flywings in a service segment with operational requirements different from simulator training. Employee transportation involves vehicle deployment and related service delivery for corporate clients, while the available disclosure does not provide customer-level information, fleet data or profitability figures.

The ₹43.92 crore initial purchase price is large in relation to Flywings' annual revenue, with the disclosed comparison putting it at about 179.2% of Flywings' annual revenue. This makes the funding commitment and the eventual level of open-offer acceptance relevant considerations for investors assessing the transaction.

The disclosures also state that ₹35 crore of non-convertible debentures were allotted. No further details on the terms, use of proceeds or relationship of the allotment to the acquisition were provided in the supplied information.

How could the transaction affect Flywings and its investors?

The transaction gives Flywings control of an operating mobility business immediately upon completion of the promoter stake acquisition. For Flywings, the key effect is a change in business mix, with Shree OSFM's employee transportation operations adding a new line alongside its training activities.

The potential cash commitment is also material. Flywings has committed ₹43.92 crore for the initial block, and could need up to another ₹24.43 crore if the open offer receives full acceptance. These figures describe the maximum disclosed acquisition-related consideration, not a confirmed final cost.

For Shree OSFM shareholders, the ₹61-per-share offer provides a stated exit opportunity following the change in control. The offer price matches the price agreed with the promoters for the 46.74% stake.

The acquisition does not by itself disclose expected earnings contribution, integration plans or a timetable for operating changes at Shree OSFM. Investors will therefore need to distinguish the completed agreement and planned open offer from future financial or operational outcomes that have not been announced.

Conclusion

Flywings' agreement to acquire 46.74% of Shree OSFM for ₹43.92 crore is a control transaction that takes the company beyond its core simulator training business. Shree OSFM's ₹153 crore FY26 turnover and employee transportation operations give the deal strategic importance, while the scale of the cash commitment makes execution relevant for Flywings shareholders.

The next disclosed step is the open offer for up to 26% of Shree OSFM's expanded voting capital at ₹61 per share. Investors will watch the completion of the promoter purchase, the level of shareholder acceptance in the offer, and any later disclosures on financing, integration or the target's operational plans.