Rose Merc Limited (BSE:512115) agreed to acquire 46.67% stake in Fyopro Services Private Limited from Saurabh Chaudhary for INR 35.1 million on June 19, 2023. Under the terms of agreement, Rose Merc Limited will issue 0.7 million equity shares of INR 10 each and is acquiring 4,667 shares of Fyopro Services Private Limited. Fyopro Services reported revenue of INR 29.2 million, net profit of INR 2.319 million and net liabilities of INR 3.188 million for FY 2022-23.

Board of Rose Merc Limited have approved the acquisition. As of August 3, 2023, shareholders of Rose Merc approved the transaction and issuance of equity shares. As on August 31, 2023, the name of Outcry has been changed from Fyopro Services Private Limited to Outcry Media Solutions Private Limited.

As of September 2, 2023, The issue and allotment of shares of Rose Merc is towards the discharge of consideration for the aforesaid transfer on share swap basis as approved by the Board of directors and shareholders of Rose Merc. Further the said issue and allotment of shares of Rose Merc are subject to the approval from Stock Exchange and/or other regulatory authorities.