Execution of agreement |
| Brief details of the Agreement* | The Acquirer has entered into a share purchase agreement dated January 05, 2024 with the promoters, whereby the Acquirer has agreed to acquire 3,45,702 Equity Shares of the Company representing 38.41% of the Equity Share Capital, at a price of Rs. 4.26/- per share, subject to and in accordance with the terms and conditions set out in the SPA. |
| Date of Board / Committee Meeting approving the agreement | |
| Whether proposed / executed agreement is in normal course of business* | Yes |
| If No, provide reasons | |
| Impact of agreement on management and control of the listed entity* | Chidambaram Seetha, Chidambaram Venkatachalam and M/s. Riviera Capital Consulting & Research Private Limited will cease to be the promoters of the Company and the acquirer will become the promoter of the Company. |
| Number of Parties with whom agreement is entered* | 1 |
| Sr. No. | Name(s) of parties with whom the agreement is entered* | Shareholding, if any, in the entity with whom the agreement is executed* | Number of Shares | Percentage of shareholding | Whether, the parties to the Agreement are related to promoter / promoter group / associate / holding / subsidiary / group companies / Director / KMP and its relatives in any manner.* | Nature of relationship |
| 1 | MERCANTILE VENTURES LIMITED | NIL | 0 | 0.00% | No | |
| Whether the transaction would fall under related party transactions? | |
| Whether the transaction is done at “arms length” basis | |
| If No, provide details | |
| Date on which agreement was entered* | 05-01-2024 |
| Purpose of entering into the agreement* | Sale of Equity shares held by the Promoters. |
| Significant terms of the agreement (in brief) special rights like right to appoint directors, first right to share subscription in case of issuance of shares, right to restrict any change in capital structure etc.;* | not applicable |
| Whether there is any issuance / transfer of shares to the parties* | No |
| Class of shares issued/transferred | |
| Issue Price per share | |
| Any other disclosures related to such agreements, viz., details of nominee on the board of directors of the listed entity, potential conflict of interest arising out of such agreements, etc; | |
| Any other disclosure w.r.t. compliance of any SEBI Act, Regulation, Circular or provision | |
| Any other information | |
| Remarks (for Website dissemination) | |
| Remarks for Exchange (not for website dissemination) | |