Please find attached herewith Intimation under Regulation 30 of SEBI (LODR).
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Mid East Portfolio Management Ltd has signed a Memorandum of Understanding (MOU) with Mannibhadra Finnstock Private Limited to acquire a 55% equity stake in Mannibhadra by purchasing shares from its existing shareholders. Post-acquisition, Mannibhadra will become a subsidiary of Mid East, establishing a parent-subsidiary relationship. The purchase consideration, payment mode, and closing date are yet to be finalised and will be decided after due diligence and regulatory compliance. The MOU is largely non-binding and is subject to execution of definitive agreements like a Share Purchase Agreement and Shareholders' Agreement. Mannibhadra is a Gujarat-based financial services group offering equity, mutual funds, insurance, PMS, commodities, and related services, led by founder Monil Vora.
For shareholders, this signals Mid East's intent to expand its financial services footprint by onboarding a subsidiary with a diverse product portfolio. However, the deal is at a preliminary, non-binding stage, so no immediate financial impact or share price catalyst is expected until the definitive agreements and deal terms are announced.