Airan acquires additional over 4.66 lakhh quity shares in Quadpro ITeS for Rs1.12cr

The company’s holding increases to 75.90% in the subsidiary company (QIL).

Jul 29, 2021 03:07 IST India Infoline News Service

Airan Limited has further acquired 4,66,750 equity shares in Quadpro ITeS Limited (QIL) at a cash price of Rs24 at a face value of Rs10 each including a premium of Rs14 per equity shares aggregating to over Rs1.12cr on a preferential basis through a Private Placement basis. The company’s holding increases to 75.90% in QIL.

The company on 10 March 2021 had successfully executed the Share Purchase Agreement (SPA) on 10 March 2021 for the acquisition of 14,53,477 Equity Shares of the face value of Rs10 each of QES at a price of Rs24 per share aggregating to Rs3,48,83,448 which is constituting 70.45% of QES and thereby making it a subsidiary company.

“The business activities of Quadpro ITeS Limited is in same line of the business of our company. Therefore, object is to increase the stake in QIL and to leverage more growth opportunities and to become more agile and customer-focused in southern region of India,” company said in a filing on Wednesday.

Airan Limited ended at Rs24.45 per piece down Rs0.75 or 2.98% on the NSE.

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