The investment would be done through the primary and secondary purchase of shares to acquire 19.51% of the issued and paid-up share capital of the Investee company on a fully diluted basis. The nature of the subscription will be cash. Subscription to its shares is being done at a mutually agreed valuation, which has not been disclosed herein due to reasons of confidentiality.
“The subscription of shares of the Investee Company is not a related party transaction. The promoter/ promoter group of Madhumala have no interest in the Investee Company.
Our investment in the Investee Company would help us augment our capabilities to provide better services in construction activities to interested customers,” company said in a filing on Wednesday.