With reference to the above subject, this is to inform the Exchange that Extra Ordinary General Meeting (EGM) of shareholders of the company is convened to be held on Wednesday, 30th April, ....
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Globe Multi Ventures Ltd (BSE: 540266) has called an EGM on 30th April 2025 to seek shareholder approval for a major transformative deal. The company plans to acquire an 84.40% stake in CoOptions Corporation Private Limited (CCPL), an agriculture business, by issuing 20.79 crore new equity shares of Rs.10 each at Rs.33.61 per share on a swap basis (4 GMVL shares for every 1 CCPL share). The transaction is a related party deal because promoter M/s Motitree Sales Private Limited is the common promoter of both companies, and post-acquisition CCPL will become GMVL's majority-owned subsidiary. The deal is valued at around Rs.129.72 crore, representing about 79.87% of GMVL's FY2023-24 standalone turnover of Rs.162.40 crore. To enable this issuance, the company also proposes increasing its authorized share capital 25x from Rs.10 crore to Rs.250 crore and raising borrowing limits to Rs.250 crore.
This is a large, dilutive acquisition for existing shareholders — the new 20.79 crore shares massively expand the share base. The deal brings in a related-party-promoted agriculture business as a subsidiary, changing the company's business profile. Approval will result in significant equity dilution and a shift toward the agriculture sector, while rejection could stall this acquisition plan.