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Finance firm Madhusudan Securities to buy Weekender
08
Feb '11
Madhusudan Securities Ltd has informed that the company has entered into an agreement with Primus Retail Private Limited to acquire the business of the Weekender Brand for an aggregate consideration of Rs. 100 crores to be payable partly in the form of equity shares of the Company.

Pursuant to the agreement the Company is proposing to seek approval of the shareholders for issue of 6,142,857 equity shares to Primus Retail Private Limited on preferential basis subject to obtaining requisite approvals, consents and permissions for the said transaction from concerned authorities.

The meeting of the Board of Directors will be held on February 09, 2011, inter alia, to consider the preferential allotment to Primus Retail Private Limited, to explore the fund raising options required for the acquisition, to increase the authorized share capital, to amend the main objects to include the retail business to be carried on subsequent to the completion of the open offer formalities.

Madhusudan Securities Ltd

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