Vaibhav Global shines as its arm inks pact to acquire Mindful Souls BV
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Vaibhav Global is currently trading at Rs. 454.70, up by 6.95 points or 1.55% from its previous closing of Rs. 447.75 on the BSE.
The scrip opened at Rs. 449.90 and has touched a high and low of Rs. 461.00 and Rs. 449.65 respectively. So far 19287 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 469.00 on 29-Aug-2023 and a 52 week low of Rs. 268.60 on 29-Mar-2023.
Last one week high and low of the scrip stood at Rs. 461.00 and Rs. 419.25 respectively. The current market cap of the company is Rs. 7405.50 crore.
The promoters holding in the company stood at 57.21%, while Institutions and Non-Institutions held 28.13% and 14.66% respectively.
Vaibhav Global’s wholly owned step down subsidiary -- Shop TJC, UK (Shop TJC), has entered into a definitive agreement to acquire Mindful Souls BV, an e-commerce company dealing in subscription based online sales of fashion jewellery, gemstone, and lifestyle products. Purchase consideration of the transaction is Euro 12 million and the same will be funded through internal accruals.
Incorporated in 2018 in Netherlands, it is mainly serving United States- one of the largest e-com market, through proprietary e-commerce website, and marketplaces. While more than 90% of revenue is derived from US, it also has presence in UK/EU, Canada, and Australia. It primarily sells subscription boxes comprising fashion jewellery, gemstone, and lifestyle products. The company’s performance over the period has been robust having achieved annual turnover of Euro 18 million with a healthy PBT margin of around 10% in 2022.
Vaibhav Global earlier known as Vaibhav Gems incorporated in Jaipur in 1989, is today a professionally managed, end-to-end vertically integrated business organization.
