EFC (I) Limited Acquires Majority Stake in Bigbox Ventures

On July 4, 2024, EFC (I) Limited announced in a stock exchange filing a significant acquisition through its wholly owned subsidiary, EFC Limited, which has acquired a 51% stake in Bigbox Ventures Private Limited. This acquisition marks Bigbox Ventures as a step-down subsidiary of EFC (I) Limited.

Bigbox Ventures, incorporated on August 14, 2018, specialises in managed office and co-working spaces, catering primarily to enterprises and startups. With a robust presence across 9 locations in Pune, the company offers over 3,000 workstations, emphasising flexibility, speed, security, and a contemporary workplace experience to enhance asset value. The company reported a turnover of ₹4,13,98,130 in FY 2023, ₹94,68,450 in FY 2022 and ₹29,73,439 in FY 2021.

The acquisition was priced at ₹4,900 per share, including a premium of ₹4,890 per share, totalling ₹5,10,04,100 for 10,409 equity shares, representing 51% of the paid-up share capital of Bigbox Ventures post-acquisition. Notably, none of EFC (I) Limited’s promoters, promoter group, or group companies have any existing interests in Bigbox Ventures, ensuring the transaction does not fall within related party transactions.

EFC (I) Limited highlighted that this strategic move aligns with its expansion goals within the same industry, promising to bolster market presence and operational efficiencies. The acquisition aims to benefit stakeholders and customers, reinforcing the company’s commitment to a seamless integration process that complies with regulatory standards.

The acquisition of Bigbox Ventures by EFC (I) Limited through EFC Limited signifies a strategic investment in the growing managed workspace sector, positioning the company for enhanced growth and service delivery capabilities across its operational footprint. This strategic expansion underscores EFC (I) Limited’s proactive approach to diversification and market leadership within its core industry.

About EFC (I) Limited

EFC (I) Limited, previously known as Amani Trading and Exports Limited, is the leading entity within the EFC Group of Companies. The company operates in the real estate sector, focusing on property management and leasing of non-residential properties, both owned and leased.

On July 4, 2024, the share price of EFC (I) Ltd opened at ₹568.10, touching the day’s high at ₹576.40, as of 1:02 PM on the BSE.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.