VELOX SHIPPING AND LOGISTICS LIMITED
Key Transaction Details
The addendum pertains to a strategic investment for the purchase of an approximately 33.56% stake in Divinus Express Logistics Private Limited (Divinus). The procedural requirements for this investment are stated to be following completion.
Detailed Information from Annexure A
1. Target Entity Details:
- Name: Divinus Express Logistics Private Limited
- Equity Capital: ₹7,50,000
- Turnover (2024-25): ₹15,12,37,538
- Profit (2024-25): ₹29,85,590
2. Related Party Transaction: The acquisition is confirmed not to be a related party transaction. Promoters/promoter group/group companies have no interest in Divinus.
3. Industry: The target entity, Divinus, belongs to the Logistics industry.
4. Objects and Effects of Acquisition: The investment is a strategic initiative to expand operational capacity within the existing market and strengthen the Company's overall market position.
5. Governmental/Regulatory Approvals: No governmental or regulatory approvals are required for this acquisition.
6. Transaction Structure and Timeline:
- The company proposes to acquire 1,29,534 shares for an aggregate cash consideration of ₹5,00,00,000.
- This investment will result in an approximate 33.56% stake in Divinus at the outset.
- An additional investment plan is disclosed involving Anchorage Shipping, a partnership firm in which Velox holds a 98% stake. Anchorage Shipping has decided to invest ₹7,00,00,000 to acquire 1,81,347 shares, representing an approximate 46.99% stake in Divinus, over a period of 3 years through primary or secondary investment options.
9. & 10. Background of Acquired Entity:
- Line of Business: Divinus is engaged in freight contracting, shipping agency services, and other related freight and logistics activities.
- Date of Incorporation: February 26, 2019
- Geographic Presence: India
- Historical Turnover:
- 2024-25: ₹1,512.38 Lakhs
- 2023-24: ₹1,561.57 Lakhs
- 2022-23: ₹1,219.68 Lakhs