Landmark Cars Ltd approves investment in Sheerdrive Pvt Ltd

Landmark Cars Limited ("the Company") in its Board Meeting held on 5th December, 2022, considered and approved for subscribing to the Pre Series A Compulsorily Convertible Preference Shares (the "CCPs") issued on Private Placement basis by Sheerdrive Private Limited ("SPL"). Consequently, the Company has executed restated shareholders agreement with SPL.

Considering the above, the Company shall infuse funds into SPL by way of subscription in Pre Series A CCPs in one or more tranches, from time to time for an amount not exceeding Rs. 3,00,00,000/- (Rupees Three Crores Only) and the aggregate investment made by the Company in SPL shall not exceed Rs. 8,60,00,000/- (Rupees Eight Crores and Sixty Lakhs Only). Subsequent to the conversion of CCPs as above, the shareholding of the Company in SPL, post additional investment by the Company shall not exceed 20%.

SPL is providing buyers and sellers a platform, in the physical and electronic form, to aid transactions including through forward and reverse auctions, and for providing software related development services, and to act as platform, consultant and service provider for automobile (used and new) in all categories (four wheeler, three wheeler, two wheeler, commercial vehicle, automobile products, parts, tools, spares and accessories and also to offer consultancy and other services, financing, working capital/retail (through third party(ies) or on its own), automobile insurance products (through third party(ies)), business process outsourcing, call center management as necessary for aforesaid mentioned platform.

Source : Equity Bulls

Keywords

LandmarkCars Investment CCPS Sheerdrive