Investment in another company in accordance with the objects of the Rights Issue as Specified in the Letter of Offer Issued by the Company
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Galaxy Agrico Exports has acquired a 45.45% stake in Earth Capital Finvest Limited, a financial services company offering consultancy, advisory, and investment services, for ₹10 Crore. The deal gives Galaxy Agrico a majority holding and was carried out as per the objects stated in its earlier Rights Issue Letter of Offer. The acquisition is not a related party transaction and has already been completed. This marks a notable strategic shift for Galaxy Agrico, which is primarily known as an agro exports company, into the financial services sector.
Shareholders should view this as a strategic diversification move funded through the Rights Issue proceeds, moving the company away from its agro export core into financial services. The long-term impact will depend on how the new financial services business performs and contributes to overall revenues and profitability.