PNN
Ahmedabad (Gujarat) [India], April 1: Sellwin Traders Ltd has decided to invest approximately Rs 200 million in Shah Metacorp Ltd (BSE & NSE Listed Company) over the next two years. This strategic investment aligns with company's long-term growth strategy and aims to capitalize on the promising opportunities in the metals industry.
The investment will be utilized to support Shah Metacorp Ltd's expansion initiatives, enhance production capacities, strengthen research and development capabilities, and explore new market segments. By partnering with Shah Metacorp Ltd, we aim to leverage synergies, drive operational efficiencies, and create value for our shareholders.
Highlights:-
* Board approved Preferential convertible warrants issue of over Rs 410 million by allotment of 31.7 million convertibles warrants at an issue price of Rs 12.95 per share
* Investment will be utilized to support Shah Metacorp Ltd's expansion initiatives, enhance production capacities, strengthen R&D and explore new market segments.
* In March 2024, the company entered into share purchase agreements, to make a strategic investments in i) Patel & Patel E-Commerce And Services Pvt Ltd by acquiring 66.67 per cent of the total paid-up share capital and ii) Mannibhadra Aggro Pvt Ltd by acquiring 60 per cent of the total paid-up share capital
Shah Metacorp Ltd is a renowned player in the metal sector, known for its strong operational capabilities, innovative products, and sustainable business practices. With a robust track record of delivering value to its stakeholders, Shah Metacorp Ltd presents a compelling investment opportunity for our company.
The Board of Directors of the company, Sellwin Traders Ltd has approved allotment of 3,17,80,000 Convertible Warrants to the persons belonging to the Non Promoter Category each carrying a right to subscribe to one Equity Share per warrant, for cash at an issue price of Rs 12.95 per warrant by way of Preferential allotment upon receipt of 25 per cent of the issue price in accordance with provisions of SEBI ICDR Regulations, 2018. Company to raise over Rs 410 million from preferential warrants issue.
Earlier in the month of March 2024, the company has entered into share purchase agreement, to make a strategic investment in Patel & Patel E-Commerce And Services Pvt Ltd by acquiring / subscribing 66.67 per cent of the total paid-up share capital in the form of Equity Shares of the Company on 6th March, 2024. Patel & Patel E-Commerce And Services Pvt Ltd is currently engaged is in business of Software designing, development, customisation, implementation, maintenance, testing and benchmarking, designing, developing and dealing in computer software and solutions.
The company has also entered into share purchase agreement, to make a strategic investment in Mannibhadra Aggro Pvt Ltd by acquiring/subscribing 60 per cent of the total paid-up share capital in the form of Equity Shares of the Company in the meeting held today i.e. on 7th March, 2024. Mannibhadra Aggro Pvt Ltd is currently engaged in business of Agriculture.
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