Exhicon Event Media Solutions Limited ("the Company") has signed the Memorandum of Understanding (hereinafter referred as "MOU") for acquisition of 51% Equity Stake with Global Kokan Festival along with Kokanbhumi Ventures Private Limited.
Consequent to the said acquisition of 51% Equity Stake and upon completion of all necessary formalities of acquisition, Kokanbhumi Ventures Private Limited will become the subsidiary of the Company.
Kokanbhumi Ventures Pvt Ltd is engaged in the business of organizing Exhibition Namely Global Kokan Festival, a 12 Years old Exhibition IP, to provide a global platform for tourism, industries, agriculture, horticulture, arts, culture and cuisine from Kokan region.
The Global Kokan Festival is biggest Kokan Exhibition of India where over 500 exhibitors showcase businesses every year. The exhibition attracts about 2 lakh visitors the major participants of the event include MIDC, MSME, NSIC, Make in India, Start-ups, MTDC, various Departments of Govt of Maharashtra and Govt of India.
The Hon'ble Chief Minister, Govt. officials Secretaries, Industrialists, representatives of multinationals and their foreign counterparts.
This acquisition will mark Company's step towards inorganic growth in the Exhibition Organizing sector and value chain surrounding entire Kokan region. The event is in it's 12th edition this financial year and is the largest platform created for the Kokan region.
The acquisition will be done at an Enterprise Value of INR 4.5 Cr with adjustments for debt, debt like items and working capital to be calculated as on closing date.
The payout of INR 2.5 Crore cash will be payable over next 12 months for 51% consideration of KBVPL and approx INR 2 Crore of working capital infusion.
Shares of Exhicon Events Media Solutions Limited was last trading in BSE at Rs. 375.90 as compared to the previous close of Rs. 341.75. The total number of shares traded during the day was 92500 in over 144 trades.
The stock hit an intraday high of Rs. 375.90 and intraday low of 342.00. The net turnover during the day was Rs. 33802400.00.