Mahanagar Gas said that it has entered into shareholders' agreement with 3EV Industries Founders, Promoters and other Shareholders to acquire 30.97% shareholding in 3EV Industries.
The agreement has been entered for acquiring 30.97% shareholding and voting rights in 3ev through equity instrumentsThe company has the right to appoint 1 director on the board of 3ev and 1 board observer. The company has right to subscribe shares on pro-rata basis for every further issue of shares. Prior written consent of the company is required for affirmative vote matters which, inter alia, includes matter related to change in capital structure of 3ev.
The company will issue 18,343 equity instruments (10 equity shares of face value of Rs 10 each and 18,333 Series A CCPS of face value of Rs 100 each), for a total consideration of Rs 96 crore. The said equity instruments will be issued in tranches as per terms and conditions of the shareholders agreement (SHA).
Mahanagar Gas is in the business of City Gas Distribution (CGD), presently supplying Natural Gas.
The company reported 84.33% jump in consolidated net profit to Rs 317.18 crore despite of 6.1% fall in revenue from operations to Rs 1,568.76 crore in Q3 FY24 over Q3 FY23.
The scrip rose 0.79% to Rs 1,516.50 on the BSE.
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