Marwadi Chandarana Intermediaries Brokers has entered into an agreement to acquire 75 per cent stake in non-banking financial company TruCap Finance with an investment of Rs 207 crore.
This investment includes a mix of capital infusion through preferential allotment of equity shares and convertible warrants, and a secondary purchase of 3.68 crore shares from the existing promoter group of TruCap, the NBFC said in a stock exchange filing.
This transaction will trigger an open offer under the Sebi’s rules.
Following the investment, MCG will be classified as the new promoter, and the existing promoter group’s stake will be reduced to zero.
In its filing on Monday, the NBFC said, “Marwadi Chandarana Intermediaries Brokers Pvt Ltd, an entity of Marwadi Chandarana Group (MCG) has entered into definitive documents to acquire a majority stake (approximately 75 per cent) in TruCap Finance Ltd, a non-banking financial company”.
