Kiri Industries to Invest Rs. 70 Crore in IndoAsia Agrotech Fertilizers
Kiri Industries Limited announced a proposed investment of Rs. 70,00,00,000 (Rupees Seventy Crore) in IndoAsia Agrotech Fertilizers Limited (IAFL) through the subscription of 7,00,00,000 (Seven Crore) equity shares at par, with a face value of Rs. 10 each.Upon allotment of the shares, IAFL will become a subsidiary of Kiri Industries, with Kiri Industries holding 99.93% of IAFL's equity share capital. IAFL is an unlisted public company incorporated on July 16, 2024, with a registered office in Ahmedabad, Gujarat. It is currently in the process of establishing a fertilizer manufacturing facility in Gujarat and has not yet commenced commercial operations. The paid-up share capital of IAFL as of the announcement date was Rs. 5,00,000.
The investment is intended to facilitate the establishment of IAFL’s fertilizer manufacturing facility. Manish Kiri, Chairman and Managing Director of Kiri Industries, and Mrs. Anupama Kiri, his wife, are directors of IAFL, making this a related party transaction undertaken at arm's length.
Table: Details of IndoAsia Agrotech Fertilizers Limited Acquisition
| Particulars | Details |
|---|---|
| Target Entity | IndoAsia Agrotech Fertilizers Limited ('IAFL') |
| Incorporation Date | July 16, 2024 |
| Registered Office | 7th Floor, Hasubhai Chambers, Opp. Town Hall, Ellisbridge, Ahmedabad - 380006, Gujarat |
| Paid-up Share Capital (as of date) | Rs. 5,00,000 |
| Main Object | Manufacturing of fertilizers |
| Acquisition Type | Cash Consideration |
| Number of Shares | 7,00,00,000 (Seven Crore) |
| Shareholding Post Acquisition | 99.93% |
| Completion Timeframe | Within one month |
Source:
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.
The information provided is for general informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any securities. Readers are advised to rely on their own assessment and judgment and consult appropriate financial advisers, if required, before taking any investment-related decisions.