Sellwin Traders Ltd to Make Strategic Investment in Patel Container India Pvt Ltd
PNN
Ahmedabad (Gujarat) [India], May 20: Board of Director of Ahmedabad based Sellwin Traders Ltd has approved the proposal to make strategic investment in Patel Container India Pvt Ltd. Company will acquire 36 per cent stake in Patel Container which is extendible up to 51% over the next two years. Investment by Sellwin Traders will be utilized to support the establishment of a new manufacturing facility for logistic containers in Bhavnagar District, Gujarat.
Highlights:-
* Sellwin Traders will acquire 36% stake in Patel Container which is extendible up to 51% over the next two years.
* Investment by Sellwin Traders will be utilized to support the establishment of a new manufacturing facility for logistic containers in Bhavnagar, Gujarat by Patel Container where it propose to invest Rs. 45 crore
* Company has also announced to invest approximately Rs. 200 million in Shah Metacorp Ltd to capitalize on the promising opportunities in the metal industry
* Completed conversion of preferential allotment of 1.2 crore warrants into 1.2 crore Equity Shares of face value Rs. 10 each upon receipt of balanced amount
* Appointed Vedant Rakesh Panchal as Managing Director and Chairperson of the Company w.e.f. 17 May, 2024 subject to the approval of shareholders.
Patel Container signed an MOU in Vibrant Gujarat Global Summit 2024 to invest Rs. 45 crore for manufacturing facility in Bhavnagar to establish a facility for logistic containers in Bhavnagar District, Gujarat. The project is estimated to generate employment for 100 people and expect commencement in the year 2025. Bhavnagar offers strategic advantages for the unit, including proximity to major ports and trade routes, which will optimize logistics and distribution.
During FY24, company has turn around its business operations and reported 56% growth in total income to Rs. 61.7 crore as compared to Rs. 39.60 crore in FY23.
Vedant Panchal, Managing Director, Sellwin Traders Ltd, said, "MOU for making strategic investment in Patel Container India Pvt Ltd was executed on 15 May 2024. This venture not only diversifies Sellwin Traders' portfolio but also positions it advantageously in a high-growth industry of logistics and metal. By leveraging advanced manufacturing technologies and establishing efficient operational setups, Sellwin Traders can expect fruitful outcomes from this investment in Patel Container India Pvt Ltd."
Company has also announced plans to invest around Rs. 200 million in Shah Metacorp Ltd (BSE & NSE Listed Company) over the next two years to align with company's long-term growth strategy and aims to capitalize on the promising opportunities in the metal industry. The investment will be utilized to support Shah Metacorp Ltd's expansion initiatives, enhance production capacities, strengthen research and development capabilities, and explore new market segments. Shah Metacorp Ltd is known for its strong operational capabilities, innovative products, and sustainable business practices and presents a compelling investment opportunity for our company.
In the company's board meeting dated 17 May 2024, company has appointed Mr. Vedant Rakesh Panchal as Managing Director and Chairperson of the Company w.e.f. 17.05.2024 subject to the approval of shareholders.
Company has also completed conversion of preferential allotment of 1.2 crore warrants into 1.2 crore Equity Shares of face value Rs. 10 each. Pursuant to conversion, the Issued, Subscribed and Paid-up Equity Share Capital of the Company stands increased to Rs. 20.26 crore consisting of 2,02,60,000 fully paid-up Equity Shares of Rs. 10 each. Company issued the 1.20 crore Equity Shares at a price of Rs. 12.95 per Equity share upon receipt of balance amount at the rate of Rs. 9.7125 per Equity Share.
In April 2024, company entered in to share purchase agreement, to make a strategic investment in Patel & Patel E-Commerce And Services Pvt Ltd. Company agreed to acquire 66.67% of the total paid-up share capital in the form of equity shares of Patel & Patel E-Commerce And Services Pvt Ltd. Patel & Patel E-Commerce And Services Pvt Ltd is currently engaged is in business of Software designing, development, customisation, implementation, maintenance, testing and benchmarking, designing, developing and dealing in computer software and solutions.
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