Quint Digital Ltd Company Summary

Quint Digital Ltd Summary

Gaurav Mercantiles Limited, being incorporated in May 31, 1985 was historically engaged in ship breaking, trading and investment business. However, with the liberalization of imports, the trading activities were marginalized as a result of which, the investment portfolio of the Company was being diluted. The company has done trading business during FY 2018.Mr. Raghav Bahl and Ms. Ritu Kapur had entered into a Share Purchase Agreement (SPA) on November 27, 2018 to acquire 66.42% ownership and control of the Company. Pursuant to the SPA, Pantomath Capital Advisors Private Limited, Registered Merchant Banker, made a Public Announcement dated November 27, 2018 under Regulation 14(1) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeover) Regulations, 2011 (SEBI SAST Regulations) in relation to the Open Offer being made pursuant to and in compliance with the Regulations 3(1) and 4 of the SEBI SAST Regulations. Pursuant to the acquisition, Mr. Raghav Bahl made an open offer to acquire a maximum of 520,000 equity shares of the Company from the public shareholders of the Company. The Detailed Public Statement under Regulation 15(2) of the SEBI SAST Regulations was submitted to the Securities and Exchange Board of India (SEBI) on December 4, 2018 and in accordance with Regulation 18(1) of the SEBI SAST Regulations, Mr. Raghav Bahl and Ms. Ritu Kapur had filed a Draft Letter of Offer with SEBI on December 11, 2018. Pursuant to the applicable provisions of SEBI SAST Regulations, Mr. Raghav Bahl and Ms. Ritu Kapur completed the acquisition of 66.42% voting shares and control of the Company on January 8, 2019. Further, Mr. Raghav Bahl and Ms. Ritu Kapur had entered into an agreement on April 2, 2019 with Mr. Mohan Lal Jain, Non-Executive Director of the Company, with respect to classification of Mr. Mohan Lal Jain as a Person Acting in Concert in accordance with Regulation 2 (1) (q) of the SEBI SAST Regulations. Mr. Raghav Bahl and Ms. Ritu Kapur presently await the issuance of the final observation letter from SEBI to conclude the Open Offer and provide the statutory exit opportunity to the public shareholders of the Company.Under the able guidance of the new directors, the Board considered the future of the Company and the possibility to venture into new business opportunities in the Media and Entertainment space in line with the stated intention under Object Of The Offer stated in the Draft Letter of Offer dated December 11, 2018. To fluctuate the proposed venture into the Media and Entertainment space, the Company on May 12, 2019 passed a shareholders resolution to approve alterations to the Objects Clause of the Memorandum of Association of the Company, enabling it to pursue digital content and media activity.The Board at its meeting held on July 17, 2017 discussed the preliminary proposal to acquire the digital content business of Quintillion Media Private Limited, a company owned and controlled by Mr. Raghav Bahl and Ms. Ritu Kapur. The said digital content business is operated under the name and style of The Quint. The Quint consists of www.thequint.com, www.hindi. thequint.com, and www.fit.thequint.com ,and operates as a digital only platform available on the computers and hand-held devices. In this regard, the Board appointed advisors to undertake a detailed evaluation of the proposal and submit their report to the Audit Committee and Board of the Company.The Board in its meeting held on March 20, 2019 approved the shifting of the Registered Office of the Company from 310, Gokul Arcade B, Subhash Road, Vile Parle (E), Mumbai- 400 057 to 3rd Floor, Tower 2B, One Indiabulls Centre, Senapati Bapat Marg, Lower Parel (West), Mumbai- 400 013, effective from March 25, 2019.The Company on May 25, 2019 successfully completed the preferential allotment to rise over Rs. 70 Crores to fund the new venture into digital media and content business..