Goldstone Technologies Ltd to acquire majority stake in Equitas Technologies Pvt Ltd

The Board of Directors of Goldstone Technologies Ltd at their meeting held on 16th May, 2022, have, approved the proposal to acquire substantial stake ranging from 51% to 100% in the equity share capital of Equitas Technologies Private Limited ("ETPL"). Consequent to the acquisition of up to 100% Equity stake by the company, Equitas Technologies Private Limited will become Subsidiary Company of Goldstone Technologies Limited. Presently, Equitas Holdings Limited ("EHL") holds 2,50,00,000 (99.62%) equity shares of ETPL. Equitas Holdings Limited is the promoter company of Equitas Small Finance Bank.

Equitas Technologies Private Limited (hereinafter referred to as "ETPL"), provides tech-based logistics solutions, logistics cargo aggregator and e-commerce platform through mobile/web-based app named "Wowtruck". On one hand ETPL solves efficient vehicle discovery, booking and delivery process for customers and on other hand it helps in being cost effective to vehicle and fleet owners. Started operations with intra city last mile delivery solutions and after its success expanded to intercity segment. Among other features, its tech platform allows auto bidding facility and has an algorithm that matches bids with the available vehicles forfleet owners. The platform finds instant solutions for vendors, fleet owners, drivers and customers alike through its full stack tech. ETPL further went on to establish an institutional customer base by further extending its tech offering to give large corporates a seamless integration with their supply chains and existing ERPs. It is one of the few players in India which has both inter and intra city offering which gives it last mile delivery capability.

The acquisition will help the Company in its foray into the e-commerce and fintech space as Equitas Technologies Limited (popularly known as Wow trucks) is an existing aggregator of trucks/logistics provider having substantial presence in Southern India region with 30,000 plus registered users. Post this acquisition, the Company is planning to introduce electric vehicle fleet into the portal and also providing finance solutions for the fleet owners through tie ups with NBFCs/Financing organisations under one umbrella.

Shares of Goldstone Technologies Limited was last trading in BSE at Rs. 53.35 as compared to the previous close of Rs. 53.00. The total number of shares traded during the day was 2182 in over 55 trades.

The stock hit an intraday high of Rs. 55.50 and intraday low of 51.95. The net turnover during the day was Rs. 117598.00.

Source : Equity Bulls

Keywords

GoldstoneTechnologies INE805A01014 Acquisition MajorityStake EquitasTechnologies Wowtruck