Oracle Credit Ltd to acquire Credent Asset Management Services Pvt Ltd

The Board of Directors of Oracle Credit Ltd at their meeting held on Thursday, 31st March, 2022, at 02:30 P.M. at the Corporate office of the Company at 6th Floor609, C/66, G block, B & C wing one BKC, Opposite Bank of Baroda, Bandra(E), Mumbai, Maharashtra-400051, has considered and approved the proposal to issue, consider and allot of upto 5,58,687 Equity Shares through preferential issue basis aggregating to upto INR 2,79,34,350/-(Rupees Two Crores Seventy Nine Lacs Thirty Four Thousand Three Hundred Fifty Only) on such terms and conditions on preferential basis for consideration other than cash i.e. swap of Equity shares at a ratio of 1:1 in exchange of every one (1) Equity Share of Credent Asset Management Services Private Limited, one (1) Equity Share of the Oracle Credit Limited will be issued to non - promoters / public Category of the Company. The Offer Price will be in accordance with Chapter V and Regulation 164 of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 ["SEBI ICDR Regulations"], asamended, and other applicable laws, and the said preferential allotment shall be subject to the approval of regulatory/statutory authorities and the shareholders of the Company proposed to be sought by way of Postal Ballot.

The board approved proposal to raise upto INR 4,14,40,650/- (Rupees Four Crore Fourteen Lakh Forty Thousand Six Hundred and Fifty only) through preferential allotment by issue of upto 8,28,813 (Eight Lakh Twenty Eight Thousand Eight Hundred and Thirteen) Equity Shares on such terms and conditions for cash will be issued to non - promoters Category of the company. The Offer Price will be in accordance with Chapter V and Regulation 164 of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 ["SEBI ICDR Regulations"], as amended, and other applicable laws, and the said preferential allotment shall be subject to the approval of regulatory/statutory authorities and the shareholders of the Company proposed to be sought by way of Postal Ballot.

The Board has considered and approved the acquisition of Credent Property Advisory Private Limited which will result it being the Wholly Owned Subsidiary of Oracle Credit Limited.

The Board has considered and approved the acquisition of remaining Shares of Credent Investment Private Limited which will result it being the Wholly Owned Subsidiary of Oracle Credit Limited.

Shares of Oracle Credit Ltd was last trading in BSE at Rs. 45.25 as compared to the previous close of Rs. 43.10. The total number of shares traded during the day was 2189 in over 15 trades.

The stock hit an intraday high of Rs. 45.25 and intraday low of 45.00. The net turnover during the day was Rs. 98852.00.

Source : Equity Bulls

Keywords

OracleCredit INE727C01016 CredentAssetManagementServices