Dreamfolks Services Completes First Phase of ETT Solutions Acquisition, Shareholding Rises to 34%
Dreamfolks Services Limited has provided an update regarding its proposed acquisition of ETT Solutions DMCC, which involves a combination of secondary purchase of shares and primary subscription to freshly issued shares.The company confirmed that the initial phase of the transaction, relating to the secondary acquisition of shares, has been completed and successfully registered with the Dubai Multi Commodities Centre Authority. Following this completion, Dreamfolks Services Limited's shareholding in ETT now stands at 34%.
The second phase of the acquisition, involving a primary subscription to freshly issued shares, is currently underway. This stage is expected to conclude once the remaining procedural and regulatory formalities are finalized.
While the company had initially indicated an estimated timeline of 120 business days for the overall transaction completion, Dreamfolks Services Limited stated that the primary subscription phase may extend beyond this indicative period.
The company reiterated its commitment to finalizing the transaction in accordance with all applicable laws and confirmed it will continue to keep the Stock Exchanges informed regarding any material developments.
DREAMFOLKS Stock Price Movement
As of 2:10 PM, shares of Dreamfolks Services Limited are shedding 3.48% in live trading, currently dipping to ₹78.01. The stock saw activity on a volume of 61,573 shares, indicating sustained selling pressure into the afternoon session.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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