Ladderup Finance has acquired 75001 equity shares of face value of Rs 10 each of Godland Resorts (Target Company) for a total consideration of Rs 2.73 crore, which represents 50.0006% of the total equity share capital of the target company as on date. Accordingly, the target company has become subsidiary of the company as on date.
Further, the company also acquired by way of allotment 54947 fully paid up optionally convertible preference shares of face value of Rs 10 each of target company for total consideration of Rs 2 crore along with other investors With the option to convert each OCPS into one equity shares of the Target Company.
If, the Company along with other investors opt to convert the OCPS into equity, then on conversion, the stake of the Company shall stand reduced from 50.0006% to 30.60% of the expanded Equity Capital of the Target Company.
Further, we hereby inform that the Target Company holds 100% Equity Shares of Water Proof Corporation having business of manufacturing and trading of gummed paper tapes, including veneer tapes and packaging tapes under the brand name 'WACO' as well as trading in Cello tapes. Accordingly, Water ProofCorporation has become step down subsidiary of the Company.
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