Consequent to subscription of the majority share capital, Livquick will become subsidiary of the company.
Shares of Future Enterprises added 7 percent intraday Wednesday as company acquired majority stake in Livquik Technology for a cash consideration of Rs 20 crore.
The company has executed shareholders agreement and share subscription agreement, to acquire majority stake in Livquik Technology (India).
Consequent to subscription of the majority share capital, Livquick will become subsidiary of the company.
Livquik is engaged in business of issuance of digital prepaid payment instrument, provision of payment gateway services and development of specialized system software and application software.
The said acquisition will get completed in 24 months.
The share price declined 25 percent in last 15 days.
At 10:25 hrs Future Enterprises was quoting at Rs 35.20, up Rs 2.20, or 6.67 percent on the BSE.
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Posted by Rakesh Patil