AGI Greenpac has entered into a share subscription and shareholders’ agreement with Madoverbuilding AI (MOB) and shareholders of MOB, for an aggregate investment of up to around Rs 5.99 crore for acquisition of up to 25% of the paid-up share capital of MOB (on fully diluted basis) by subscription to preference shares in two tranches, viz. two tranches of equal investment amount of around Rs 2.99 crore.
The company will acquire 14.28% of the paid-up share capital of MOB (on fully diluted basis) on completion of Tranche 1 Investment and will hold an aggregate of 25% of the paid-up share capital of MOB (on fully diluted basis) on completion of Tranche 2 Investment. Completion of Tranche 2 Investment will occur within 15 months from the completion/closing of Tranche 1 Investment and is contingent upon the completion of the milestones detailed under the definitive agreement.
AGI Greenpac is engaged in the production of various packaging products including glass containers, speciality glass products, polyethylene terephthalate (PET) bottles and products, and security caps and closures.
