Business Update21 Sept 2024, 12:14 am
Brainbees Solutions Ltd Subsidiary, Globalbees Brands, Invests INR 20.5 Crores in JW Brands Private Limited
AI Summary
Brainbees Solutions Ltd announced that its material subsidiary, Globalbees Brands Private Limited, has made a further investment of INR 20.5 crores in JW Brands Private Limited, a step-down subsidiary of the company. This investment was made pursuant to the Share Purchase and Subscription Agreement dated July 21, 2022. JW Brands Private Limited is involved in selling watches and jewellery under the brands 'Joker & Witch', 'Bewitched', and 'Teejh'. The company was incorporated on 07/02/2020 and has shown a significant increase in its turnover over the last three years.
Key Highlights
- Globalbees Brands Private Limited invests INR 20.5 crores in JW Brands Private Limited
- JW Brands Private Limited is involved in selling watches and jewellery under various brands
- The company has shown a significant increase in its turnover over the last three years
- The acquisition is at arm's length and does not involve any interest from the promoter/promoter group/group companies