Gujarat Ambuja Exports acquires company with nil sales from promoters

Gujarat Ambuja Exports Ltd has acquired 100 per cent equity shares of Mohit Agro Commodities Processing Private Limited (MACPPL) on September 9, 2020, making it a wholly-owned subsidiary of the company.

The company has acquired 16,00,000 equity shares, i.e., 100 per cent of the paid-up capital of MACPPL at Rs 79 per share. This makes the total deal price to be Rs 12,64,00,000. The entire consideration has been paid in cash.

MACPPL was incorporated on June 4, 1984, with the Registrar of Companies (ROC) of Gujarat at Ahmedabad. Its turnover for the last 3 years is Nil. The promoter of MACPPL is also a promoter of Gujarat Ambuja Exports Limited and the acquisition would fall within the related party transaction. The company added that the transaction shall be done at arm’s-length price.

Today, the stock of Gujarat Ambuja Exports opened at Rs 202, up by ~3 per cent from its previous close of Rs 196.95 on BSE.