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Dakshin Mercantile Pvt Ltd, an Essel Group company, has entered into a definitive agreement to acquire up to 62 per cent equity stake in LKP Finance Ltd, a non-banking finance company (NBFC).
In line with SEBI regulations, Dakshin Mercantile would be making an open offer (at a price of Rs 198 per share) to acquire a minimum of 26 per cent equity stake from public shareholders of LKP Finance, which is a listed entity. LKP Group is in the business of lending and investment and trading in shares and securities.
Amitabh Chaturvedi, director on the board of Dakshin Mercantile, will join the board of LKP as a representative of Essel Group.
“This is part of a long-term strategy to get a listed platform for our holding companies. We believe this will aid our growth plans in the financial space and help to establish us as one of the leading financial companies in India,” said Chaturvedi.
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