Acquisitions26 Oct 2024, 04:08 pm
Hiren Karsanbhai Patel Acquires 58.98% Stake in Niyogi Enterprises Private Limited, Indirectly Holding 60.16% in Nuvoco Vistas Corporation Ltd
AI Summary
Hiren Karsanbhai Patel, a promoter of Niyogi Enterprises Private Limited (NEPL), has acquired 60,30,710 equity shares representing 58.98% stake in NEPL from his father, Mr. Karsanbhai Khodidas Patel. This acquisition amounts to an indirect acquisition of equity shares of Nuvoco Vistas Corporation Limited under Regulation 3, 4 and 5 of the Takeover Regulations, as NEPL holds 60.16% stake in the Target Company. The acquisition was undertaken pursuant to the exemption order issued by the Securities and Exchange Board of India on July 30, 2024.
Key Highlights
- Hiren Karsanbhai Patel acquires 58.98% stake in Niyogi Enterprises Private Limited.
- Indirect acquisition of 60.16% equity shares of Nuvoco Vistas Corporation Limited.
- Acquisition was carried out under the exemption order issued by SEBI on July 30, 2024.
- Transaction was an inter-se transfer by way of gift.
- Hiren Karsanbhai Patel now holds 78.93% of Niyogi Enterprises Private Limited.