Modern India has decided to acquire 24,500 equity shares having face value of Rs 10 each (i.e. 49%) in Modern India Free Trade Warehousing (MIFTWPL), a subsidiary Company, at an aggregate consideration of Rs 8,96,210. With the acquisition of balance share holding, MIFTWPL will become Wholly Owned Subsidiary of the company. The Board of Directors of the company at their meeting held on September 03, 2018, decided the same.
The Boards also decided to invest a sum not exceeding Rs 3 crore by participating in the bridge round of funding of Crediwatch Information Analytics by subscribing to Compulsorily Convertible Preference shares (CCPS) on such terms and condition as may be mutually agreed between the parties.
Modern India is into various business verticals inter alia Real Estate and Infrastructure Development, offering Business Centre facilities, Power Generation, Background Verification, Commodities Trading, International procurement solutions and services and Vocational Training amongst others.
