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.