Abhik Advertising Pvt. Ltd. announced that it has entered into share subscription agreement and it will issue 11,698 equity shares at an issue price of INR 11,190.7 per equity share for gross proceeds of INR 130,908,808.6 on May 27, 2024. The face value of equity share is INR 10 per share.

The transaction will include participation from new investor, Praveg Limited. Post the closing of the transaction, the investor will hold 51% stake in the company. The company will issue securities through preferential basis.

The company will receive funding in one or more tranches. The transaction is expected to close on or before September 30, 2024. The investor shall be entitled to nominate two board of directors of the company.

The transaction has been approved by the board of directors of the investor.