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BSE SENSEX
73,730.16
-609.28
-0.82 %
Corporate Announcement
Security Code
531213
Company
Manappuram Finance Ltd
Exchange Received Time
21/03/2019 13:10:55
Exchange Disseminated Time
21/03/2019 13:11:00
Time Taken
00:00:05
Announcement under Regulation 30 (LODR)-Acquisition |
3/21/2019 1:10:56 PM
Sub: Intimation of Acquisition under Regulation 30 of SEBI (LODR) Regulations, 2015
Please be informed that the Board of Directors at their meeting dated 20.03.2019 accorded their approval for acquiring 100% equity shares of Manappuram Comptech & Consultants Ltd and to make it a wholly owned subsidiary company of the Company.
Material Details regarding the Equity/Proposed Acquisition as per SEBI Circular CIR/CFD/CMD/4/2015 dated Sep 09,2015 are as follows:
A
Name of the Target entity, details in brief such as size, turnover etc.
Manappuram Comptech & Consultants Ltd (MACOM) Paid Up Capital Rs 27,00,000/- Turnover as at March 2018 is Rs 5,98,68,032/- Turnover as at December 2018 is Rs.4,52,94,451/-
B
whether the acquisition would fall within related party transaction(s)and whether the promoter/ promoter group/ group companies have any interest in the entity being acquired? If yes, nature of interest and details thereof and whether the same is done at 'arm's length'
Yes, Manappuram Comptech & Consultants Ltd is a promoter Group Company and the said acquisition would fall within the related Party Transaction Definition and is being done at Arm's length.
C
industry to which the entity being acquired belongs
IT(software and hardware) company and other consultancy services
D
objects and effects of acquisition (including but not limited to, disclosure of reasons for acquisition of target entity, if its business is outside the main line of business of the listed entity);
To Strengthen diversification plans of the Company, by vertical integration.
E
brief details of any governmental or regulatory approvals required for the acquisition;
Reserve Bank of India vide letter No. DNBS (T) No/ 845 /02 01 006/2018-19 dated March 15,2019 had given their view to the proposed acquisition and stated that there is no need for written approval/NOC from RBI for the proposed transaction. Company is in adherence with the SEBI / Companies Act 2013,as applicable.
F
indicative time period for completion of the acquisition
within 3 months (June 2019)
G
nature of consideration -whether cash consideration or share swap and details of the same;
Cash consideration
H
cost of acquisition or the price at which the shares are acquired;
Rs.365.37/ share
Rs.98,64,990/-
I
percentage of shareholding / control acquired and / or number of shares acquired
100% shareholding consisting of 27000 equity shares of Rs.100/each at a premium of 265.37/share.
J
Brief background about the entity acquired in terms of products/line of business acquired, date of incorporation, history of last 3 years turnover, country in which the acquired entity has presence and any other significant information (in brief)
MACOM is a public limited company incorporated on 01.06.2000 with registered office at 3rd Floor, Krishna Towers, TUDA Road, Aswini Junction, Thrissur - Kerala - 680022. MACOM is operating as IT (software and hardware) company and other consultancy services is a group company of Manappuram Finance. It was set up by its present director and promoter Mr. V P Nandakumar.
Turnover of MACOM for last three financial years are: -
? Turnover as at March 2018 is Rs 5,98,68,032/-
? Turnover as at March 2017 is Rs 5,25,26,490/-
? Turnover as at March 2016 is Rs 5,33,20,448/-
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