Jupiter Infomedia Limited (BSE:534623) and Jineshvar Securities Private Limited entered into a share purchase agreement to acquire 57.11% stake in Netlink Solutions (India) Limited (BSE:509040) from Minesh Modi and Rupa Modi for INR 24.6 million on March 4, 2021. Consideration will be paid in cash. Under the transaction, Jupiter Infomedia Limited and Jineshvar Securities Private Limited will acquire 1,444,323 shares of Netlink Solutions (India) Limited at INR 17 per share.

Pre transaction, Minesh Modi and Rupa Modi hold 8,14,869 shares representing 32.22% stake and 6,29,454 shares representing 24.89% stake in Netlink Solutions (India) Limited, respectively and Jupiter Infomedia Limited and Jineshvar Securities Private Limited does not hold any stake in Netlink Solutions (India) Limited. Post transaction, Jupiter Infomedia Limited and Jineshvar Securities Private Limited will have 11,00,000 shares representing 43.49% stake and 3,44,323 shares representing 13.61% in Netlink Solutions (India) Limited, respectively and Minesh Modi and Rupa Modi will not have any stake in Netlink Solutions (India) Limited. In a related transaction, Jupiter Infomedia Limited and Jineshvar Securities Private Limited made an offer to acquire 26% stake in Netlink Solutions (India) Limited for INR 11.2 million on March 4, 2021.

Transaction is subject to approval of shareholders of Jupiter Infomedia Limited and Jineshvar Securities Private Limited. As of April 9, 2021, shareholders of Jupiter Infomedia approved the transaction. Transaction will be completed within 30 working days from the date of the Post Offer Public Announcement.