Vaibhav Global Limited has executed Share Subscription and Shareholders' Agreement on 21.01.2022 for acquisition of 60% Equity Share Capital of Encase Packaging Private Limited, subject to certain conditions precedent.
The Authorized Share Capital of the Encase Packaging Private Limited is Rs. 5,00,00,000 divided into 50,00,000 Equity Shares of Rs. 10/- each and Paid-up Share Capital is Rs. 2,00,00,000 divided into 20,00,000 Equity Shares of Rs. 10/- each.
The Company has agreed to acquire 30,00,000 Equity Shares having face value of Rs. 10/- each at a price of Rs. 13.33/- (Premium of Rs. 3.33/-) per share at total consideration of Rs. 3,99,90,000.
The object of the said acquisition is to add vertical business line of the Company in the field of packaging material through its subsidiary.
Pursuant to said acquisition, the Encase Packaging Private Limited, shall become the Subsidiary of Company.
The entity has started its operation in FY 2020-21 being a LLP and the turnover of LLP for the year ended 31st March, 2021 was Rs. 77.92 lacs. The turnover of LLP before conversion, for the period from 1st April, 2021 till 28th October, 2021 was Rs. 83.59 lacs.