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Vikas Garg, Seema Garg to acquire up to 26 per cent in Advik Capital Ltd at Rs 4.15 per share via open offer

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

New Delhi [India], May 20 (ANI/PNN): BSE listed Advik Capital Ltd (BSE: 539773), is one of the emerging Non-deposits taking Non- Banking Finance Company (NBFC). As per the announcement submitted by Advik Capital Ltd on BSE, Vikas Garg (acquirers) and Seema Garg (Acquirers), along with Sukriti Garg (Person acting in Concert/'PAC'), have entered into a Share Purchase Agreement (SPA) on May 18, 2022, to acquire 1,73,84,000 equity shares, representing 7.89 per cent of the paid-up equity share capital of Advik Capital Ltd.

Further, the acquirers shall, via open offer, offer the acquisition of up to 5,72,50,253 equity shares of face value Rs 1, representing 26 per cent of paid-up equity share capital of Advik Capital Ltd. from the public shareholders of the company. The open offer is made at Rs 4.15/- for each equity share. Being an NBFC, the acquisition of shares and control by the Acquirers and PAC as envisaged under this PA is subject to the prior approval of RBI.

The company is registered with the Reserve Bank of India, New Delhi and is carrying on the Business of investing funds, assisting the financial accommodation by way of loans/advances and undertaking the business of leasing to finance lease operations of all kinds, purchasing, selling, hiring or letting on hire or all kinds of plant and machinery.

Earlier, Advik has started with some business plans being in process and certain capital raised via Rights Issue which is expected to be invested in funding the planned segments. The move is to boost up the core business and to expand it to consumer finance segments.

The company looks to diversify into personal loans and micro-financing segments which offer higher returns on investments and considering the numbers (population size) and growth in consumption of durables in India, the company expects it to be a viable business model.

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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