Vaibhav Global acquires 100% stake in Shop LC GmbH, Germany; Stock jumps over 3%

The company has acquired 25,000 equity shares of €1/‐ each at a total consideration of €25,000.

Oct 19, 2021 09:10 IST India Infoline News Service

VAIBHAV GLOBAL LIMITED
Vaibhav Global Limited has acquired 100% shareholding of the Shop LC GmbH, Germany from Shop TJC Limited, UK (a step‐down subsidiary of the Company). The Shop LC GmbH, Germany became the wholly-owned subsidiary of the company after this acquisition.

The company has acquired 25,000 equity shares of €1/‐  each at a total consideration of €25,000. The object of the company is to expand business in Germany by selling the products to the retail consumers via television and eCommerce websites, the company said in a filing on Monday.

“The time period for completion of acquisition was about four months. Pursuant to share purchase agreement dated July 19, 2021, between Vaibhav Global Limited (Purchaser) and Shop TJC Limited, UK (Seller), the funds were transferred on October 11, 2021 through banking channels after complying with applicable FEMA Regulations. The confirmation for receipt of funds received from seller on October 18, 2021,” it added.

At around 9.32 am, Vaibhav Global Ltd was trading at Rs750 per piece up by Rs23.8 or 3.28% from its previous closing of Rs726.20 per piece on the BSE.

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