Attached is the Detailed Letter for Acquisition of Bigbox Serviced Office LLP by EFC Limited (Material Wholly Owned Subsidiary)
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EFC (I) Limited informed BSE that its material unlisted wholly owned subsidiary, EFC Limited, has acquired a 99.99% stake in Bigbox Serviced Office LLP through capital contribution and profit-sharing ratio. Bigbox Serviced Office LLP operates in the managed office and co-working space industry, which is the same line of business as the acquirer. The acquisition includes the 40% stake already held via step-down subsidiary Bigbox Ventures Private Limited plus an additional 59.99% from other partners, raising total controlling interest from 40% to 99.99% and making Bigbox a step-down subsidiary of EFC (I) Limited. Total cost of acquisition was Rs. 20,000 as partner capital, paid in cash. The deal is a related party transaction but executed at arm's length, and Bigbox Serviced Office LLP was incorporated on 17 October 2023 with no reported turnover in the last three years.
The acquisition consolidates control over a managed office and co-working business at a nominal cost, potentially expanding EFC (I) Limited's market presence and operational scale. Given the very small acquisition price and no reported turnover from the target, the immediate financial impact on shareholders is likely limited.