Praveg has received approval for execution of the Share Purchase and Share Subscription agreement with the existing shareholders of Abhik Advertising (Abhik) and Bidhan Advertising and Marketing (Bidhan) for the acquisition of 51% stake, in one or more tranches, by way of purchase of equity shares from its existing shareholders of Abhik and issuance of Preferential Equity Shares of Abhik and Bidhan, on a fully diluted basis (Transaction). Pursuant to the said acquisition of equity shares, Abhik and Bidhan will become subsidiaries of the Company.
Pursuant to such acquisition, 435 units with a total of 1,55,441 sq. ft. across the State of Gujarat owned and managed by Abhik Advertising and 38 units with a total of 22,787 sq. ft. across the State of Gujarat owned and managed by Bidhan Advertising and Marketing respectively, will be thereafter owned by Praveg by holding 51% stake in each of the company. The board of directors at its meeting held on May 27, 2024 approved the same.
Praveg (Formerly known as Praveg Communications (India)) is principally engaged in business of providing services in holding and arranging Events, Exhibitions, Advertisement, Hospitality and in pharma sector.
