Hong Kong Firm Invests in Pro Fin Capital

Mumbai, Nov 27 (PTI) Hong Kong-based Excellence Creative plans to acquire a 25 per cent equity share capital in Pro Fin Capital Services at a price of Rs 22 per share.

The Board of Directors of Pro Fin Capital Services, a company engaged in the financial sector and capital market services, has approved the proposal, according to a release.

The board also approved the increase in the authorised share capital of the company required for the proposed issuance of bonus shares, subject to shareholder approval and convening of an extraordinary general meeting of the members of the company next month, Pro Fin Capital Services said in the release on Thursday.

After reviewing the letter of intent (LoI), the board accepted the proposal and authorised the company to proceed with initiating the due diligence process, engaging independent advisors and evaluating permissible regulatory pathways, it said.

The board has approved the LoI and the proposed transaction in the 26th November board meeting, along with the bonus issue, Abhay Gupta, Director at Pro Fin Capital Services, said.

It has also clarified that the Letter of Intent remains non-binding in nature and no final decision has been taken on the structure, timing or execution of any potential transaction.