Veefin Solutions Limited, through its subsidiary Infini Systems Limited, proposes to acquire up to 49% of the shareholding, comprising 4,900 equity shares, of White Rivers Media Solutions Private Limited on February 10, 2025.
White Rivers Media Solutions, a private limited company incorporated in India on July 15, 2016, operates in the Digital Marketing and Advertising Solutions industry. The company has an authorized capital of INR 11,00,00,000, with paid-up capital consisting of 1,00,000 equity shares and 73,95,000 DVR equity shares. As of the last audited balance sheet on March 31, 2024, the company’s turnover stands at INR 113.85 crores. The acquisition will not be classified as a related party transaction, and neither the promoter group nor any group companies have an interest in the target entity.
The purpose of the acquisition is to enhance revenue and efficiency by consolidating client relationships. No regulatory approvals are required for the acquisition, which is expected to be completed within 30 to 60 days. The consideration for the acquisition will be a combination of cash and an equity share swap, with a total cost of INR 166.6 crores for the 4,900 equity shares, each valued at INR 3,40,000.
The acquisition will result in Veefin acquiring up to 49% shareholding and majority control of the board. Over the past three years, White Rivers Media Solutions has consistently grown, with a turnover of INR 113.85 crores in FY 2023-24, INR 97.57 crores in FY 2022-23, and INR 95.14 crores in FY 2021-22.