Avanti Feeds Ltd approves stake increase in Srivathsa Power Projects Pvt Ltd

The Board of Directors of Avanti Feeds Limited at its meeting held today i.e., March 28, 2023, has approved the purchase of 1,66,98,545 equity shares of Rs. 10/- each fully paid up of Srivathsa Power Projects Private Limited ("SPPPL"), held by Asia Infrastructure Pte Ltd., ("AIPL"), at the rate of Rs. 2.30/- per equity share representing 50.00 % and approve to execute Share Sale and Purchase Agreement.

The board also approved the purchase of 4,915 equity shares of Rs.10/- each fully paid from other individual shareholders of SPPPL representing 0.01%.

On completion of the above acquisition, the shareholding of the Company in SPPPL would increase from 49.99 % to 100% and the Company will become beneficial owner of the assets of SPPPL.

Shares of Avanti Feeds Limited was last trading in BSE at Rs. 329.20 as compared to the previous close of Rs. 330.00. The total number of shares traded during the day was 30429 in over 2642 trades.

The stock hit an intraday high of Rs. 331.90 and intraday low of 321.15. The net turnover during the day was Rs. 9900541.00.

Source : Equity Bulls

Keywords

AvantiFeeds INE871C01038 StakeIncrease SrivathsaPowerProjects