From Financialexpress · FE Bureau · · 1m 10s
Eternal swaps Adonmo stake for Mygate shares
Eternal to exchange Adonmo stake for 4.4% Mygate shares in merger.
In brief
Eternal to exchange Adonmo stake for 4.4% Mygate shares in merger. Eternal will swap its entire Adonmo stake for 4.4% of Mygate in a merger by year-end. Originally reported by Financialexpress.
Eternal to swap Adonmo stake for Mygate shares
Eternal will exchange its entire stake in Adonmo for shares in Mygate as part of a proposed merger.
Stake valued at Rs 156 crore
The stake in the merged Mygate entity is currently valued at Rs 156 crore.
Investment in Adonmo
Eternal had invested Rs 112 crore in Adonmo in January 2022.
Share swap details
Eternal will transfer 11,214 Series B shares and 10 equity shares to Vivish Technologies for 184,091 Series C1 shares and 164 equity shares in Mygate.
Holding after swap
Its holding will stand at 5.4% on a fully diluted basis once the share swap is completed, falling to 4.4% after the merger.
Transaction timeline
The agreement is expected to be signed by October 31 and completed by December 5, subject to closing conditions.
The headline
Eternal will swap its entire Adonmo stake for 4.4% of Mygate in a merger by year-end.
