Globe International Carriers Limited has informed the Exchange regarding Board meeting held on April 24, 2025.
GICL · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Globe International Carriers (GICL), an NSE SME-listed logistics company, held a board meeting on April 24, 2025 where it approved the acquisition of a 51% stake in Govind Kripa Infratech Private Limited (GKIT), a Jaipur-based real estate developer. The deal involves acquiring 40.80 lakh equity shares of GKIT at Rs. 72.14 per share, for a total consideration of about Rs. 29.43 crore, to be paid entirely through a share swap — by issuing 30.69 lakh fresh equity shares of GICL at Rs. 95.90 each (including Rs. 85.90 premium). The board also withdrew its earlier February 19, 2025 proposal for the same acquisition and preferential issue, and instead approved a fresh preferential allotment of 30.69 lakh shares, solely to Surekha Agarwal (Promoter and Whole Time Director), making this a related party transaction. GKIT, once acquired, will become a subsidiary of GICL. Notably, GKIT's turnover fell sharply from Rs. 11.12 crore in FY24 to a provisional Rs. 4.62 crore in FY25. Additionally, GICL plans to migrate from the NSE SME Emerge platform to the NSE main board, subject to shareholder and exchange approvals. An EGM is scheduled for May 23, 2025 to seek shareholder approval.
Existing shareholders will see dilution of about 11-12% as new shares are issued to a promoter (related party) for the acquisition, and the company's business profile will shift into real estate, which is unrelated to its core logistics operations. While the move may support the proposed migration to the main board, investors should watch the May 23 EGM outcome and closely review the related party nature of the transaction and GKIT's declining revenues before taking a view.