Kiran Vyapar Ltd to acquire Peepul Tree Capital Pte. Ltd.

The Board of Directors of Kiran Vyapar Ltd in its meeting held today i.e. 7th March, 2024, has agreed to acquire 100% of the equity shareholding in Peepul Tree Capital Pte. Ltd. ("PTCPL") a private limited company incorporated in Singapore, from River Valley Asset Management Pte. Ltd ("RVAMPL"), a private limited company incorporated in Singapore and subsequently to make further subscription for a total consideration (i.e.towards acquisition and or further subscription) not exceeding Rs. 100 crores (Indian Rupees One Hundred Crores), subject to necessary regulatory approvals including approval from the Reserve Bank of India and completion of customary conditions in terms of a Share Purchase Agreement(SP A) between the Company and RVAMPL and Share Subscription Agreement(SSA) between the Company and PTCPL.

The Company is registered as a Non-Banking Financial Company - Systemically Important Non- Deposit taking (NBFC NDSI) Company registered with the Reserve Bank of India. The Company is looking to expand and carry out financial services activities outside India through a registered and regulated entity in the financial services sector in Singapore.

The acquisition is of strategic nature and will help the Company to enhance its business globally.

The investment by way of acquisition, and subsequently further investment subscription, by the Company in PTCPL shall not exceed Rs. 100 crores (Indian Rupees One Hundred Crores) subject to a price per share not exceeding the arm's length price as per any internationally accepted pricing methodology for valuation of shares of PTCPL as per the valuation report to be obtained from a Merchant Banker.

Shares of Kiran Vyapar Ltd was last trading in BSE at Rs. 167.45 as compared to the previous close of Rs. 167.50. The total number of shares traded during the day was 12760 in over 116 trades.

The stock hit an intraday high of Rs. 170.90 and intraday low of 165.05. The net turnover during the day was Rs. 2133886.00.

Source : Equity Bulls

Keywords

KiranVyapar INE555P01013 Acquisition PeepulTreeCapital