NBFC Standard Capital announces acquisition of new company

Non-banking financial company Standard Capital Markets Limited has stated that it has acquired a new company and made it a wholly owned subsidiary. According to the information available on the BSE, the board of directors of the NBFC has approved the acquisition of a 100 per cent stake in KRV Brooms Private Limited.

"The Board of Directors of Standard Capital Markets Limited (the Company), in its meeting held on Friday, March 29, 2024, have approved the acquisition of 100 per cent stake in KRV Brooms Private Limited and made it a Wholly Owned Subsidiary of the Company, a Company incorporate in India," said the company in a regulatory filing on the BSE.

As per the exchange filing, the company will acquire 10,000 equity shares at Rs 10 per share each aggregating to a 100 per cent stake in KRV Brooms Private Limited. "By virtue of this acquisition KRV Brooms Private Limited will become 100 per cent wholly owned subsidiary of Standard Capital Markets Limited," it added.

The turnover of KRV Brooms Private Limited for the financial year ended March 31, 2023 is Rs 90,74,496 

Earlier, the company stated that its board of directors has approved the incorporation of a wholly-owned subsidiary to carry on the business of merchant banking.