/ Paul Merchants To Raise Equity Stake In Paul Fincap Up To 97% ~ Ways2Capital|Stock Tips|Stock Market Tips|Intraday Stock Tips|Stock Trading Tips|NSE BSE Tips

Wednesday, 15 November 2017

Paul Merchants has received an approval for raising its equity stake in Paul Fincap up to 97% in one or more tranches, either by way of acquiring the shares from the existing shareholders of the investee company or by way of subscription to the new shares issued by the investee company or by way of both. The company at present holds 18% equity stake in Paul Fincap. The board of directors at its meeting held on November 14, 2017 has approved for the same. The said investee company has already received required approval from Reserve Bank of India.

The said shares will be subscribed at a price of Rs 40.92 per share as per the fair valuation certificate issued by the statutory auditors of the investee company. The said investment has been approved by the Audit Committee of the Board of Directors of the company in its meeting held on November 13, 2017.

Further, the board also approved investment in the equity share capital of PML Realtors up to 97% in the total paid up capital of the said investee company. The said investment will be made, once the said investee company is incorporated. The said company will undertake the activities relating to real estate segment i.e. purchase, sale, construction of the property anywhere in India and to undertake all other allied activities.

Paul Merchants (PML) is engaged in international inward remittance, foreign exchange and tours, and travels and air ticketing. The company’s segments include Forex, Western Union, Travel and Others.

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