Bhagyanagar India To Acquire Aanvik Mercantile
Bhagyanagar India Limited has entered into a share purchase agreement to acquire Aanvik Mercantile Private Limited as a wholly owned subsidiary. The following are the details:
a) Name of the target entity, details in brief such as size, turnover etc:
Aanvik Mercantile Private Limited, a Private Limited Company incorporated under the Companies Act, 1956 in the State of Maharashtra with an Authorised Capital of Rs.1 Crore and Paid-up capital is Rs.4,50,000 divided into 45,000 equity shares of Rs.10 each. The turnover is nil since the company does not have business operations.
b) Whether the acquisition would fall within related party transaction(s) and whether the promoter/ promoter group/ group companies have any interest in the entity being acquired? If yes, nature of interest and details thereof and whether the same is done at "arms length":
The target company is not related to Promoter/ Promoter Group/ Group Companies.
c) Industry to which the entity being acquired belongs:
The company was incorporated for the purpose of carrying on the business to purchase, sale, deal, conduct business in all types of plant & machinery, scrap, ships, vessels, automobiles, railways, wagons, stocks, furniture's, appliance, electricals, electronics, equipment's and consumer durables with or without any land, building, structures, roads, bridges by making suitable alterations, reconditioning, repairs, developments, consolidation, demolition, division, constructions or any other manner as may be considered necessary.
Objects and effects of acquisition (including but not limited to, the disclosure of reasons for the acquisition of target entity, if its business is outside the main line of business of the listed entity):
The target company owns land & building which the company intends to use for the purpose of setting up of a unit and expanding its business activities.
d) Brief details of any governmental or regulatory approvals required for the acquisition:
No such approvals required.
e) The indicative time period for completion of the acquisition:
The acquisition of target company completed today 6th February 2018 with the execution of Share Purchase Agreement.
f) Nature of consideration - whether cash consideration or share swap and details of the same:
The company acquired the target company by way of purchase of shares at face value.
g) Cost of acquisition or the price at which the shares are acquired:
45,000 equity shares at a face value of Rs.10 each amounting to Rs.4,50,000 which constitutes 100% of paid up capital of the target company.
h) Percentage of shareholding/control acquired and/or number of shares acquired:
The company has acquired 100% of shareholding in the target company.
i) Brief background about the entity acquired in terms of products/line of business acquired, date of incorporation, history of last 3 years turnover, country in which the acquired entity has presence and any other significant information (in brief);
The target company viz., Aanvik Mercantile Private Limited was incorporated on 30.04.2008 in the State of Maharashtra. Presently the Company does not have any business operations.