Startup News Magazine

Corporate Professionals to acquire 26% stake in Advik Capital for Rs 23.75cr

New Delhi, May 20: Corporate Professionals Capital Private Limited is managing to acquire a significant stake in Advik Capital Limited (ACL), the company said in a regulatory filing on 18th May.

According to the company filing, Corporate professionals managed to buy 5,72,50,253 equity shares with a face value of Re 1 each at a price of Rs 4.15 apiece, amounting to Rs 23,75,88,550.

The deal aggregates to 26 per cent paid-up equity share capital of the company. CPCPL will pay the Offer Price in cash under the provisions of Regulation of the SEBI (SAST) Regulations.

The filing also clarified that the company had made the purchase on behalf of Mr. Vikas Garg and Ms Seema Garg (Acquirers); and Ms Sukriti Garg (person acting in concert or ‘PAC’).

Incorporated in 1985, Advik Capital Limited is a non-banking finance company (NBFC) registered with the Reserve Bank of India (RBI).

Mr. Virender Kumar Agarwal and Mr. Shakul Kumar Agarwal, the current members of the promoter group of the Advik Capital, sold their shares, constituting a 7.89 per cent stake in the company, which triggered the open offer.

On May 18, 2022, the Acquirers have entered into the special purchase agreement (SPA) with the sellers of the company to acquire 1,73,84,000 equity shares of the company representing 7.89 per cent of the paid-up equity share capital at an agreed price of Rs 0.80 per equity share along with control over the company.