Intellivate Capital Ventures Limited to acquire 95% in Boutonniere Hospitality Pvt Ltd

The Board of Directors of Intellivate Capital Ventures Limited at its meeting held on Monday, 30th May, 2022, has, considered and approved the agreement to acquire 1,10,000 (100%) Equity Shares of Rs.10/- each from the shareholders of NIR Advisors Private Limited at total purchase consideration of Rs 11 Lakhs. After the above said acquisition, the NIR Advisors Private Limited will become wholly own subsidiary of the company.

The board has also approved the purchase of around 95% shareholding in M/s. Boutonniere Hospitality Private Limited, at around purchase consideration of Rs. 48.86 Crore, consequent to which Boutonniere Hospitality Private Limited will become subsidiary of the Company, following the completion of procedural requirements.

The board will consider and approve Issuance of up to maximum of 1,39,28,226 number of equity shares to the persons belonging to non-promoter group, Out of which 60,33,489 equity shares to be issued towards adjustment against part purchase consideration of acquisition of equity shares of M/s. Boutonniere Hospitality Private Limited for consideration other than cash and balance 78,94,737 number of equity shares to other person at cash, subject to such terms and conditions as may be determined by the Board of Directors of the Company at a price of Rs 9.50/- (Rupees Nine and paise Fifty Only) per equity shares, (which includes premium of Rs 8.50 per share), subject to approval of shareholders of the Company in the ensuing Annual General Meetings ("AGM") of the company scheduled to be held on Tuesday, June 28, 2022 and subject to approval of applicable regulatory authorities as the case may be.

The board will consider and approve Issuance of up to the extent 3,32,91,901 Redeemable Non-Convertible Cumulative Preference shares of face value of Rs.1/- each (Rupees One Only) at a premium of Rs 8.50/- amounting to Rs. 31.63 Crore, towards adjustment against part purchase consideration of acquisition of equity shares of M/s. Boutonniere Hospitality Private Limited, subject to such terms and conditions as may be imposed and subject to approval of shareholders of the Company in the ensuing Annual General Meetings ('AGM') of the company scheduled to be held on Tuesday, June 28, 2022.

The acquisition of the Boutonniere Hospitality Private Limited as envisaged will help to cater in to food business as proposed by the Board of Directors in its meeting held on 20th May, 2022.

Source : Equity Bulls

Keywords

IntellivateCapitalVentures Acquisition NIRAdvisors BoutonniereHospitality