Advik Capital Limited announced acquisition of a Non-Banking Finance Company (NBFC) M/s Industrial Investment Trust Limited (IITL/Target Company) together with its promoter Dr. Vikas Garg and M/s Vikas Lifecare Limited, promoters' another entity.
In this all-cash transaction, for acquiring control and management of the target company, existing IITL promoters' equity i.e. 41.72% of the total outstanding share-capital, is being purchased for a consideration amounting Rs. 2586.95 million approx., wherein for ~6.24% Equity Shares of IITL, Advik Capital Limited shall be paying approx. Rs. 386.95 million, and remaining 35.48% shall be acquired by Dr. Vikas Garg and M/s Vikas Lifecare Limited, by paying approx. Rs. 2200 million.
Statutory Public Announcement for Open Offer, has already been made by the Corporate Professionals-Category-1 Merchant Bankers, for acquisition of another up to 26.00% of the outstanding paid-up Equity Share Capital of IITL from the public shareholders, on behalf of the acquirers i.e. Dr. Vikas Garg, M/s Vikas Lifecare Limited, and M/s Advik Capital limited.
Commenting on the occasion Mr. Vikas Garg, promoter of the Company said: "This acquisition signifies a significant step forward in our strategic growth trajectory. Industrial Investment Trust Limited is poised to become one of the jewels in the crown of the Vikas Group, and we are excited about the possibilities that lie ahead. The acquisition not only help us in strengthen our positioning in the market, buy will help in tapping new markets, innovate, and improve our product offerings."
Shares of Advik Capital Ltd was last trading in BSE at Rs. 3.75 as compared to the previous close of Rs. 3.78. The total number of shares traded during the day was 6270005 in over 5601 trades.
The stock hit an intraday high of Rs. 3.88 and intraday low of 3.60. The net turnover during the day was Rs. 23138581.00.