Quicktouch Technologies Limited (NSEI:QUICKTOUCH) agreed to acquire Grenew DMCC on June 20, 2024. Cost of acquisition or the price at which the shares are acquired 1000 shares at AED 310.351 per share each. The Board of Directors of Quicktouch Technologies Limited, in their meeting have resolved to modify the earlier decision of acquiring Grenew FZE.

Instead, the Company will now proceed with the acquisition of Grenew DMCC, a Dubai-based holding company. By acquiring the parent company Grenew DMCC, Quicktouch will gain a better grip over the affairs of the entire group. The decision was made after careful consideration of the strategic advantages associated with acquiring the holding entity rather than just its subsidiary.

The Board of Directors modify their approval, granted in the board meeting held on February 29, 2024, for acquisition of 100% stake in Grenew FZE, a Company incorporated in UAE. Above said acquisition is subject to due diligence process commenced by the Company. Grenew DMCC is a Company incorporate in UAE and has Turnover AED 13.99 million.

Indicative time period for completion of the acquisition On or before August 2025.