RR Financial Consultants Ltd to divest stake in RR Fincap Pvt Ltd

RR Financial Consultants Limited ("RRFCL" or the "Company") has entered into a binding term sheet dated 17.01.2023 ("Binding Term Sheet") with RR Fincap Private Limited ("RRFPL") and Entritt Solutions Private Limited ("ESPL"), which contemplates the following transactions:

- Acquisition of 1563 0.0001% Compulsory Convertible Preference Shares ("CCPS") representing 25.008% of share capital of ESPL on fully diluted basis ("Transaction 1"); and

- Sale and transfer of the entire equity shareholding by RRFCL in RRFPL, a subsidiary company of RRFPL duly incorporated under the provisions of the Companies Act, 1956, and a Non-Banking Financial Company (NBFC) registered with the Reserve bank of India vide registration no. N-14.03215 ("Transaction 2").

Upon completion of all the formalities comprised under the Binding Term Sheet and subject to approval of the Reserve Bank of India for the consummation of the Transaction 2, RRFPL would cease to be a subsidiary of RRFCL.

Shares of RR Financial Consultants Limited was last trading in BSE at Rs. 13.20 as compared to the previous close of Rs. 13.60. The total number of shares traded during the day was 12025 in over 41 trades.

The stock hit an intraday high of Rs. 14.10 and intraday low of 12.95. The net turnover during the day was Rs. 163152.00.

Source : Equity Bulls

Keywords

RRFinancialConsultants INE229D01011 NBFC BindingTermSheet RRFincap EntrittSolutions