The company is acquiring up to 26% stake from the public shareholders at Rs 22 per share for 41, 05,650 (Forty One lakh five thousand six hundred and fifty) shares.
FindocFinvest Private Limited is part of Findoc group which has interests in real-estate, financial services and consultancy services in the finance domain.
“Ritesh properties is developing a real estate project in Ludhiana. We are looking to acquire more stake in real estate companies in secondary market, where there is less competition,” said Hemant Sood, Managing Director, Findoc Group.
Findoc offers both institutional and retail clients, quality products and services that cover equity trading, derivative trading, commodity trading, currency trading, IPOs, ALGO trading and mutual fund investments.
“This open offer is a strategic investment made by the company. Ritesh Properties and Industries is the right fit for us, as the company is coming up with affordable housing, which is a lucrative segment for investment. Findoc as a group has more than 10k investors through its various financial services. This investment compliments our business interests and will benefit our customers in the longer run,” Sood added.
The company is evaluating more assets.
“We have been in touch with Findoc Group for long and we are discussing various possibilities for future. We are confident that this investment will reap long-term benefits for the company and the shareholders of the company,” said Sanjeev Arora, Managing Director of Ritesh Properties and Industries.