Gujarat Ambuja Exports Ltd acquires company with zero sales from promoters

Gujarat Ambuja Exports Ltd has acquired 100% Equity shares of Mohit Agro Commodities Processing Private Limited (MACPPL) on 9th September, 2020, making it a wholly owned subsidiary of the Company.

The company has acquired 16,00,000 Equity Shares, i.e., 100% of the paid up capital of MACPPL @INR 79/- per shares.

MACPPL was incorporated on 4th June, 1984 with ROC of Gujarat at Ahmedabad and the turnover of MACPPL of last 3 years is Nil.

The promoter of MACPPL is also of promoter of Gujarat Ambuja Exports Limited and the acquisition would fall within the related party transaction. The company had said the transaction shall be done at arm length price.

Shares of GUJARAT AMBUJA EXPORTS LTD. was last trading in BSE at Rs.195.8 as compared to the previous close of Rs. 195.9. The total number of shares traded during the day was 13272 in over 587 trades.

The stock hit an intraday high of Rs. 201.35 and intraday low of 188.6. The net turnover during the day was Rs. 2558735.

Source : Equity Bulls

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