Penny stock under Rs 15: Company enters into an agreement to make a strategic investment in KCD Foodies (India) Pvt Ltd
The stock is up by 28 per cent from its 52-week low of Rs 8.61 per share.
Heads Up Ventures Limited has entered into a share purchase agreement to acquire 60 per cent of KCD Foodies (India) Private Limited for Rs 60,000 in cash, purchasing 6,000 equity shares at Rs 10 each. KCD FOODIES, established to engage in various agricultural activities, including plantation, farming, and processing, has an authorized share capital of Rs 25,00,000 and a paid-up share capital of Rs 1,00,000, with a reported turnover of NIL. This acquisition is intended to align with Heads Up Ventures' future business projects and does not constitute a related party transaction.
The target company, KCD FOODIES (INDIA) PRIVATE LIMITED, operates in the agriculture and related industries, focusing on a broad range of activities from cultivation to export and import of agricultural products. The acquisition, requiring no governmental or regulatory approvals, is expected to be completed with the stated cash consideration. Heads Up Ventures will gain a controlling 60 per cent stake, allowing them to participate in KCD FOODIES' agricultural processing and related activities.
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Heads UP Ventures Ltd, established in 2011, operates in the retail apparel and accessories sector, managing an integrated business model encompassing design, development, production, marketing, and distribution. Notably, the company previously held a license for manufacturing Being Human Clothing and has since expanded its brand portfolio by acquiring and registering the trademarks "HUP" and "Device of Turtle" in FY22, leading to the development of new product lines. Their product offerings span a wide range, including shirts, t-shirts, jackets, hoodies, sweatshirts, caps, belts, bags and flip flops.
The company has a market cap of Rs 24.3 crore. The stock is up by 28 per cent from its 52-week low of Rs 8.61 per share. Investors should keep an eye on this penny stock.
Disclaimer: The article is for informational purposes only and not investment advice.