Quest Capital Markets Limited
An ISO 9001:2015 certified NBFC delivering investment banking, corporate finance and advisory services since 1986.
Quest Capital Markets Limited (ISO 9001:2015 Certified) was established in the year 1986 as a leasing and finance company. It later became a Category 1 Merchant Banker in the late 1980s, engaging in Merchant Banking, Financial and Investment Advisory Services. Today, the company operates as an NBFC engaged in investment banking distribution services, corporate finance and advisory services.
On 30th March, 2021, the existing promoters of the Company entered into a Share Purchase Agreement ("SPA") with Lebnitze Real Estates Private Limited ("Lebnitze") to sell their entire shareholding representing 59.69% of the equity share capital of the Company. Lebnitze thereafter made an open offer vide Letter of Offer dated 16th July, 2021, for acquisition of up to 26,00,000 (twenty-six lakh) fully paid-up equity shares having face value of Rs. 10/- each, representing 26% of the voting share capital of the Company, at a price of Rs. 200/- per equity share from the public shareholders in accordance with SEBI (Substantial Acquisition of Shares and Takeovers Regulations) 2011.
Upon completion of the Open Offer period on 10th August, 2021, Lebnitze further acquired 22,92,079 Equity Shares representing 22.92% of the paid-up share capital of the Company, and its total holding post Open Offer increased to 82.61%.
All necessary compliances under the Companies Act, 2013 and SEBI Regulations, Reserve Bank of India guidelines, and other statutory approvals in relation to the acquisition of controlling stake by Lebnitze were completed on 23rd August, 2021.
Consequently, Dr. Ajit Khandelwal, Mr. Sanjeev Kumar Khandelwal and Mr. Ankit Khandelwal resigned from the Board of the Company on 23rd August, 2021, and new directors Mr. Sunil Bhandari, Mr. Harish Toshniwal, and Mr. Sunil Kumar Sanganeria were appointed on the same date as contemplated in the SPA.