Prime Securities Limited (BSE:500337) entered into an agreement to acquire 92% stake in Bridgeweave Ltd from shareholders for a floor valuation of £11.26 million on April 13, 2023. The acquisition of the balance 92% Equity stake of Bridgeweave will be at a floor valuation of £12.23 million (including the £0.98 million to be infused by Prime Securities). Bridgeweave will have a floor valuation of £11.26 million. Prime will issue shares at a floor valuation of £1.27 per share. In related transaction, Prime Securities will acquire an 8% Equity stake in Bridgeweave, through a primary infusion of £0.98 million, in two tranches of £0.49 million each, over a period of 90 days. Post completion of the share swap, Bridgeweave will become a majority-owned (100%) subsidiary of Prime. Bridgeweave has turnover of £0.371 million for CY 2022. The acquisition is subject to execution of definitive documentation, regulatory/statutory approvals as may be required under applicable laws, including the approval of shareholders of Prime Securities for issuance of Equity Shares. Board of Directors of Prime Securities, at their Meeting held on April 13, 2023, has considered and approved an agreement between Prime Securities and Bridgeweave. The first phase of the transaction of acquisition of 8% equity stake will be done over a period of 90 days and balance 92% is sought to be acquired through a stock swap post execution of definitive documentation over the next 90 days.

Samir Sheth of BDO Birmingham acted as valuation advisor of Prime Securities Limited (BSE:500337).