Toyam Sports Ltd updates on stake purchase in Bhakti World

One of the existing shareholder of Bhakti World Radio Broadcasting Private Limited ("Bhakti World"), proposes to transfer 12.6% shares of Bhakti World, to Toyam Sports Limited ("Toyam"), subject to the terms and conditions recorded in a Share Purchase Agreement dated February 20, 2023 ("SPA"), executed amongst the parties. Simultaneously with the execution of the SPA, the relevant parties have also entered into a Shareholders Agreement ("SHA") to record their understanding on the governance, operation and management of Bhakti World and their inter se rights and obligations as shareholders of Bhakti World.

The transfer of 12.6% shares of Bhakti World is subject to, and pending, the issue and allotment of securities of Toyam to the selling shareholder of Bhakti World towards the discharge of consideration on share swap basis as approved by the Board of directors and shareholders of the Company, which issue and allotment is subject to the approvals from Stock Exchanges and/or other regulatory authorities.

Shares of Toyam Sports Ltd was last trading in BSE at Rs. 18.45 as compared to the previous close of Rs. 19.00. The total number of shares traded during the day was 987031 in over 1173 trades.

The stock hit an intraday high of Rs. 19.45 and intraday low of 18.15. The net turnover during the day was Rs. 18620539.00.

Source : Equity Bulls

Keywords

ToyamSports BhaktiWorldRadioBroadcasting INE457P01020 SPA