VLS Finance acquires 1 lakh equity shares of VLS Securities; Stock ends 4.5% higher

The shares of the subsidiary were acquired by the company from VLS Capital for an outlay of about Rs4.93cr.

Sep 02, 2021 04:09 IST India Infoline News Service

Acquisition Concept
VLS Finance Limited has acquired one lakh equity shares of Rs10/- each of VLS Securities Limited, a subsidiary of the company, from VLS Capital Limited, a constituent of Promoter Group of the Company on September 1, 2021, for an outlay of about Rs4.93cr.

“The said acquisition was at arm's length with the aforesaid related party, since the consideration was arrived at on the basis of Independent Valuer's report. Besides, it is not a material transaction as per applicable regulations and materiality policy of the Company,” the company said in a filing on Thursday.

The Company along with 6 other nominees, now holds 100% share capital of VLS Securities Limited and therefore, the status of VLS Securities Limited has changed to “Wholly Owned Subsidiary of the Company” from “Subsidiary of the Company”.

VLS Finance Ltd stock ended at Rs211.20 up by Rs9.15 or 4.53% from its previous closing of Rs202.05 on the BSE.

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