Choice International gains on entering into SPA to sell 19.83% stake of Aqua Pumps Infra Ventures

29 Nov 2018

Choice International is currently trading at Rs. 89.20, up by 1.00 points or 1.13% from its previous closing of Rs. 88.20 on the BSE.

The scrip opened at Rs. 90.00 and has touched a high and low of Rs. 90.00 and Rs. 88.00 respectively. So far 1535 shares were traded on the counter.

The BSE group 'X' stock of face value Rs. 10 has touched a 52 week high of Rs. 196.05 on 29-Jan-2018 and a 52 week low of Rs. 72.00 on 28-Nov-2018.

Last one week high and low of the scrip stood at Rs. 90.40 and Rs. 72.00 respectively. The current market cap of the company is Rs. 178.44 crore.

The promoters holding in the company stood at 73.42%, while the Non-Institutions held 26.58% stake in the comapny.

Choice International has entered into a Share Purchase Agreement (SPA) on November 28, 2018 for sale of its 19.83% stake in the company Aqua Pumps Infra Ventures consisting of 30,00,000 Equity Shares at a Price of Rs 25 each resulting in a total cash consideration of Rs 7,50,00,000 to Nitesh Agarwal the Acquirer.

Aqua Pumps Infra Ventures contributed to around 0.21% of the company’s ‘Choice International’ Consolidated Income during the FY 2017-18. The Transfer of Shares pursuant to the execution of the said agreement shall be duly completed latest by the month of January, 2019.

The said transaction does not fall under the purview of related party transaction and the acquirer to whom the shares are sold does not form a Part of Promoter group of the company Aqua Pumps Infra Ventures.

Choice International offers services in area of project financing, assisting in raising funds by equity or debt routes, debt structuring, private equity, acquisitions, long term strategic planning, turnaround and structuring and joint ventures, divestitures and takeovers.

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