This company announced an acquisition of a Netherlands Based Firm in a filing dated 26th September 2023. The stock is trading at Rs. 441.10 versus Rs. 447.75 at closing on Tuesday. The company has a market cap of Rs. 7,292 crore and is included in the S&P BSE 500 index.
The stock trades 6% away from its 52 week high and is at its 20 day average and 33% above its 200 day moving averages respectively. Today the volumes on this stock have been 1.5x yesterday’s and the weekly average volume.
Vaibhav Global Ltd (“Vaibhav Global”) announced in a filing dated 26th September 2023 that Shop TJC Limited, UK (‘Acquirer’), a wholly owned step down subsidiary of the Vaibhav Global Limited has executed a Share Purchase Agreement on the day for acquisition of 100% Share Capital of Mindful Souls BV (‘Target Company’), a Dutch Company with limited liability, from the promoters/shareholders of Target Company.
Mindful Souls B.V., is a Dutch Private Company with limited liability, registered in Vlaardingen (Netherlands). Primarily an ecommerce company – it sells subscription boxes comprising fashion jewellery, gemstone, and lifestyle products. The proposed acquisition of Mindful Souls BV by Shop TJC, UK does not fall under related party transactions. The promoter group and the group Companies of the Company do not have any interest in the Target Company
The proposed acquisition will create synergies through Vaibhav Global’s deep sourcing and manufacturing abilities. Mindful Souls’ native digital abilities will allow the company to strengthen their digital businesses.
The transaction is set to be completed in 2 weeks for cash consideration of EUR 12 million. The Target Company’s Turnover for CY2022 was EUR 18 Million, in CY2021 was EUR 10 million and in CY2020 it was EUR 3 million.
Vaibhav Global, together with its subsidiaries manufactures and exports fashion jewelry and lifestyle products in India, the United States of America, the United Kingdom, Germany, and internationally.
Written by Sandeep R
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