September 30, 2023

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Corporate Professionals managing to acquire 26% stake in Advik Capital for Rs 23.75 cr

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1 year ago dsprime

New Delhi (India), May 20: Corporate Professionals Capital Private Limited is managing to acquire a significant stake in Advik Capital Limited (ACL), the company said in a regulatory filing on 18th May.

According to the company filing, Corporate professionals managed to buy 5,72,50,253 equity shares with a face value of Re 1 each at a price of Rs 4.15 apiece amounting to Rs 23,75,88,550.

The deal aggregates to 26 percent paid up equity share capital of the company. The Offer Price will be paid in cash, in accordance with the provisions of Regulation of the SEBI (SAST) Regulations.

The filing also clarified that the purchase has been made on behalf of Mr. Vikas Garg and Ms Seema Garg (termed as Acquirers); and Ms Sukriti Garg (person acting in concert or ‘PAC’).

Incorporated in year 1985, Advik Capital Limited is a non-banking finance company (NBFC) registered with the Reserve Bank of India (RBI).

Mr. Virender Kumar Agarwal and Mr. Shakul Kumar Agarwal, the current members of the promoter and promoter group of the Advik Capital to sell their shares constituting 7.89 percent stake in the company, which triggered the open offer.

On May 18, 2022, the Acquirers have entered into the special purchase agreement (SPA) with the sellers of the company to acquire 1,73,84,000 equity shares of the company representing 7.89 percent of the paid-up equity share capital at an agreed price of Rs 0.80 per equity share along with control over the company.

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