Goldstone Tech completes acquisition of Equitas Technologies; Stock jumps 5%

6 Jul 2022 , 12:32 PM

Goldstone Technologies Ltd has completed the acquisition of Equitas Technologies Private Limited (“ETPL”) (popularly known as “Wow trucks”) by acquiring the equity shares from Equitas Holdings Limited in terms of the Share Purchase Agreement and other related documents which were executed between the Company, Equitas Technologies Private Limited and Equitas Holdings Limited”.

Therefore, pursuant to the acquisition of 2,49,99,999 equity shares (99.62% stake) by the company from Equitas Holdings Limited, and balance 96,000 equity shares (0.38% stake) from an Individual shareholder MVP Mohan Sharma, Equitas Technologies Private Limited (“ETPL”) has become Wholly-Owned Subsidiary of the Company i.e. Goldstone Technologies Limited.

The acquisition will help the Company in its foray into the e-commerce and fintech space as Equitas Technologies Limited is an existing aggregator of trucks/logistics provider having substantial presence in Southern India region with 30,000 plus registered users.

Post this acquisition, the Company is planning to introduce electric vehicle fleet into the portal and also providing finance solutions for the fleet owners through tie ups with NBFCs/Financing organizations under one umbrella.

At around 12:34 PM, Goldstone Technologies was trading at Rs46.70 per share up by Rs2.2 or 4.94% from its previous closing of Rs44.50 per share on the BSE.