Paul Merchant has received approval for the submission of Expression of Interest for submitting resolution plan for PUMA Realtors (PRPL) to acquire 51% equity shareholding in the company, which is under Corporate Insolvency Resolution process. The Board of Directors of the Company at its meeting held on April 30, 2019 has approved the same.
The main activity of PRPL is to carry on the business of real estate, infrastructure projects as promoters, developers and builders etc.
No shares have been acquired at this stage. However it is proposed to acquire 51% stake in the target entity if the bid of the Company is successful. The Bid for proposed acquisition will be submitted alongwith two other Bidders, who propose to acquire balance 49% stake.
Paul Merchants is engaged in international inward remittance, foreign exchange and tours, and travels and air ticketing. The company’s segments include Forex, Western Union, Travel and Others.