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Corporate Professionals managing to acquire 26 pc stake in Advik Capital for Rs 23.75 cr

May 20, 2022 23:30 IST | ANI Press Release
Tennis player James Blake
Advik Capital Limited

New Delhi [India], May 20 (ANI/PNN): Corporate Professionals Capital Private Limited is managing to acquire a significant stake in Advik Capital Limited (ACL), the company said in a regulatory filing on May 18th.

According to the company filing, Corporate professionals managed to buy 5,72,50,253 equity shares with a face value of Rs 1 each at a price of Rs 4.15 apiece amounting to Rs 23,75,88,550.

The deal aggregates to 26 per cent paid up equity share capital of the company. The offer price will be paid in cash, in accordance with the provisions of Regulation of the SEBI (SAST) Regulations.

The filing also clarified that the purchase has been made on behalf of Vikas Garg and Seema Garg (termed as Acquirers); and Sukriti Garg (person acting in concert or 'PAC').

Incorporated in year 1985, Advik Capital Limited is a non-banking finance company (NBFC) registered with the Reserve Bank of India (RBI).

Virender Kumar Agarwal and Shakul Kumar Agarwal, the current members of the promoter and promoter group of the Advik Capital to sell their shares constituting 7.89 per cent stake in the company, which triggered the open offer.

On May 18, 2022, the Acquirers have entered into the special purchase agreement (SPA) with the sellers of the company to acquire 1,73,84,000 equity shares of the company representing 7.89 per cent of the paid-up equity share capital at an agreed price of Rs 0.80 per equity share along with control over the company.

This story is provided by PNN. ANI will not be responsible in any way for the content of this article. (ANI/PNN)

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