GRM Overseas Limited has announced its decision to acquire a 44% equity stake in Swmabhan Commerce Pvt Ltd. The Board of Directors approved this strategic investment during a meeting on August 28, 2024.
The acquisition will be made through a combination of primary infusion and secondary buyouts. Swmabhan Commerce Pvt Ltd has an authorized capital of Rs 10,00,000, divided equally between equity shares and preference shares, each with a face value of Rs 10. For the fiscal year 2023-24, Swmabhan Commerce reported an unaudited turnover of Rs 2495.62 lakhs.
This transaction is not considered a related party transaction, and the promoters or their group companies have no interest in the acquisition. GRM Overseas believes this move will enhance its presence in the FMCG sector and support its digital transformation by incorporating another digital-first brand with a unique market proposition.
As of 11:11 am, GRM Overseas shares were trading 0.86% lower at ₹267.14 on the NSE.
