Board approves Rs 52.10 crore purchase of 51% target stake
WEALTH · price
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The board approved buying up to 209,304 shares, or 51%, of promoter-group company Wealth First Advisors Private Limited for about Rs 52.10 crore. About Rs 12.10 crore will be paid through up to 136,575 new shares at Rs 885.89 each, with the balance paid in cash. This related-party deal was valued independently and needs shareholder, stock-exchange and other approvals.
The company will gain control of a promoter-group business. Promoter's stake will rise, shares may dilute holders, and approvals remain pending.