Global investment fund Saint Capital picks up stake in OK Play India

Days after OK Play India Limited entered into an agreement with Mann+Hummel Filter Private Limited (MHIN), a subsidiary of the MANN+HUMMEL Group, to be the exclusive distributor to promote, distribute, supply, install and service the PureAir Mobile Fine Dust Particle Filter Roof Box, global investment fund Saint Capital has picked up a stake of 5,00,000 shares worth Rs 6.25 crore on the preferential issue.

According to an exchange filing, the board of directors of OK Play India has approved the issue of up to 25,75,000 fully paid-up equity shares of the company, on a preferential basis, at a price of Rs 125 per equity share.

"Issue of upto 25,75,000 (Twenty Five Lakhs Seventy Five Thousand only ) fully paid-up Equity Shares of the Company, on a Preferential Basis, at a price of Rs. 125/- (Rupees One Hundred Twenty Five only) per Equity Share (including a Premium of Rs. 115/- (Rupees One Hundred Fifteen only) per Equity Share, for a total consideration of upto Rs. 32,18,75,000/-," the company said.

The board has also allotted shares to Leisure Enterprises LLP, Earthbound Ventures LLP and others. The board has also approved the issuance of up to 10,00,000.  

Earlier, OK Play India Limited entered into an agreement with Mann+Hummel Filter Private Limited (MHIN), a subsidiary of the MANN+HUMMEL Group. The company, through its recently acquired wholly owned subsidiary, MRH Technologies Private Limited, will be its sole and exclusive distributor to promote, distribute, supply, install and service the product. 

The deal comes as the air quality in the National Capital dipped into the 'severe category'. The situation is likely to remain more or less the same in the coming days and the only way to deal with the situation is to use air purifiers.