Stock Report

PVP Ventures Ltd approves acquisition of Humain Healthtech Pvt Ltd

Posted On : 2023-08-24 14:47:54( TIMEZONE : IST )

The board of directors of PVP Ventures Ltd has approved the acquisition of 10,000 equity shares ("Purchase Shares") of Rs.10/- of Humain Healthtech Pvt Ltd for a consideration of Rs.22,49,60,000 ("Total Consideration"). The consideration payable shall be partly discharged by way of issue and allotment of 1,29,00,000 equity shares of the company ("Subscription Shares") having face value of Rs.10/- each, at a price not less than the price determined in accordance with Chapter V of the SEBI Regulations ("Share Consideration"), and the remaining being paid as cash ("Cash Consideration").

The Company is planning to foray into the Diagnostic Industry, considering the emerging opportunities available in the sector of Health care Industry and thus enhancing the value creation for all the stakeholders. The members in the last Annual General Meeting have altered the Memorandum of Association Company to include healthcare activities as an object to be pursued by the Company.

Humain Healthtech Private Limited is a Wholly Owned Subsidiary of PV Potluri Ventures Private Limited ("Previously known as PV Potluri Ventures LLP"). The major stake i.e 99.99% in PV Potluri Ventures Private Limited is owned by Mrs. Jhansi Sureddi, (Shareholder: promoter group) wife of Mr. Prasad V. Potluri, Chairman and Managing Director of the Company.

The acquisition of Purchase Shares shall be subject to such regulatory / statutory approvals as may be required under applicable laws including the approval of the shareholders of the Company for issuance of Subscription Shares on a preferential basis.

Shares of PVP Ventures Limited was last trading in BSE at Rs. 10.36 as compared to the previous close of Rs. 10.51. The total number of shares traded during the day was 49153 in over 32 trades.

The stock hit an intraday high of Rs. 10.40 and intraday low of 10.30. The net turnover during the day was Rs. 508945.00.