“The acquisition falls within the ambit of related party transactions. The promoter/promoter group has interest in the Investee Company and holds indirectly 100 percent of the shares in the Investee Company,” RattanIndia said in a filing on Sunday.
“The investee Company would be undertaking the business of Investment Management in pursuance of the objects enshrined in its Memorandum of Association as recently altered,” it added.
The company stock hit a fresh 52-week of Rs31.70 per piece on Monday morning. Each stock was trading at Rs31.65 per piece up Rs1.45 or 4.80% on the BSE at around 9.25 am.