Flipkart Health Pvt Ltd completes acquisition of 75.1% stake in Sastasundar Marketplace Limited

Sastasundar Ventures Limited had earlier announced the signing of definitive agreements by the Company's subsidiary, for: (a) the sale of shares of Sastasundar Marketplace Limited ("SML") which is a step-down subsidiary (i.e., subsidiary of a subsidiary) of the Company by its subsidiary, namely, Sastasundar Healthbuddy Limited ("SHBL"); and (b) issuance of shares by SML, subject to the satisfaction of conditions precedent as provided in the definitive agreements and necessary approvals, the proposed transaction should be effective on or before 17th December, 2021.

After satisfaction of the conditions precedent as provided in the definitive agreements, SML, a step-down subsidiary of the Company, pursuant to a combination of primary infusion and secondary transfers of its shares, has now become a subsidiary of Flipkart Health Private Limited.

Pursuant to the above transaction: (a) SML has received the amount of INR 372.00 crores from Flipkart Health Private Limited on account of allotment of equity shares of SML to Flipkart Health Private Limited; and (b) SHBL, a subsidiary of the Company, has also received INR 689.76 crores from Flipkart Health Private Limited on account of transfer of equity shares of SML, as per the definitive agreements.

Consequent to the consummation of the above transaction, Flipkart Health Private Limited holds 75.1% of equity share capital of SML and the balance 24.9% of equity share capital of SML shall continue to held by SHBL.

Shares of Sastasundar Ventures Limited was last trading in BSE at Rs. 473.90 as compared to the previous close of Rs. 467.65. The total number of shares traded during the day was 8625 in over 209 trades.

The stock hit an intraday high of Rs. 479.00 and intraday low of 454.00. The net turnover during the day was Rs. 3976329.00.

Source : Equity Bulls

Keywords

SastasundarVentures INE019J01013 SastasundarMarketplace SastasundarHealthbuddy FlipkartHealth Acquisition MajorityStake