Mumbai-based financial advisory firm Centrum Capital's private arm Centrum Direct Ltd has inked a deal to acquire controlling stake of up to 52.16 per cent equity stake in BCB Finance Ltd for Rs 15.03 crore (approximately $2.45 million), as per a stock market disclosure.
BCB Finance was the first company to list on small and medium enterprises (SME) platform of the Bombay Stock Exchange (BSE) two years ago. It is an NBFC promoted by the Bagri Family, who has also promoted the stock broking firm BCB Brokerage Pvt Ltd. The company is engaged in the business of advancing loans and investing and trading in securities.
The firm had listed with IPO issue price of Rs 25 a share. The open offer for the latest transaction has been made just a tad higher than this at Rs 25.05 a share.
Centrum Direct has entered into a share purchase agreement with Uttam Bagri, Bharat Bagri and BCBFL to acquire up to 6 million equity shares constituting 52.16 per cent stake in BCB Finance for Rs 15.03 crore (around $2.45 million).
The transaction involves an initial acquisition of 26.15 per cent stake, which has triggered an open offer to acquire additional 26.01 per cent in BCB Finance from the existing public shareholders.
If the public offer is not successful, the BCB promoters will sell more shares to aid Centrum to pick 52.16 per cent stake.
BCB promoters own 73.99 per cent stake, which will come down to anywhere between 47.84 per cent and 21.83 per cent, depending on the quantum of shares tendered by other public shareholders of the firm in the open offer.
Following the completion of the open offer, the shareholding of Centrum Direct in BCB Finance will aggregate to 52.16 per cent, subject to compliance of relevant rules, regulation and permission from the statutory authorities.
Aryaman Financial Services Limited is the manager to the open offer on behalf of Centrum Direct.
(Edited by Joby Puthuparampil Johnson)