AIRAN LIMITED — Capital/Financing Update 2021

Mar 9, 2021

Date: March 9, 2021

Listing Compliance Department To, The Manager National Stock EXCHANGE of India Ltd., Exchange Plaza, C-1, Block G, Bandra Kurla Complex, Bandra (E) Mumbai - 400 051

Sub. : Out Come of Board Meeting (Acquisition of Stake in Quadpro E Services Private Limited)

REF : AIRAN LIMITED (COMPANY SYMBOL: AIRAN)

Dear Sir / Madam,

Pursuant to the provrsions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (the 'Listing Regulations'), we wish to inform you that the Board of Directors ('the Board') of Airan Limited ('the Company') at its meeting held today, has, inter-alia, considered and approved Proposal of acquisition of 14,53,477Equity Shares of face value of Rs. 10 each of Quadpro E Services Private Limited (herein after referred as "QES") at a price of Rs. 24 (Rupees Twenty Four Only) per share aggregating to Rs.3,48,83,448 (Rupees .Three Crore Forty Eight Lacs Eighty Three Thousand Four Hundred Forty Eight) which is constituting 70.45% of QES and thereby making it a Subsidiary Company. QES is engaged in process management services in the area of Data and Cheque Management, CTS Systems and Credit Card Processing.

The Details required under Regulation 30 of the SEBI(Listing Obligation and Disclosure Requirements) Regulations, 2015 read with Circular no.CIR/CFD/CMD/4/2015 dated September 9, 2015 are enclosed asAnnexureA.

The Board meeting was commenced at 9:00 a.m. and concluded at 10:15 a.m.

Kindly take the same on your record.

This is for your information and Records.

Yours faithfully,

Stuti Kinariwala Company Secretary

Encl:AnnexureA

Annexure - A

Sr.No.	Particulars	Details
a	Name of the target entity, details in brief such as size,turnover etc.;	QUADPROESERVICESPRIVATELIMITED("QES").
		QESwasincorporatedonNovember3,2010.Theregistered office of QES is situated at No.17, 3rd Cross,Lalbagh Road, Bangalore -560027
		At Present:
		Authorised Capital is – Rs. 3,00,00,000 (30,00,000 EquityShares of Face Value of Rs. 10 each).Paid up Capital -2,06,32,500 (20,63,250 Equity Shares of Face Value of Rs.10 each).
		Turnover:
		As on March 31, 2020 (Audited) Rs. 12. 81Crores.
b	Whether the acquisition would fall within related partytransaction(s) and whether the promoter/ promoter group/group companies have any interest in the entity beingacquired? If yes, nature of interest and details thereof andwhether the same is done at "arms length";	Thisisnotarelatedpartytransaction.Atpresent,promoter/ promoter group/ group companies have nointerest in the above entity.
c	Industry to which the entity being acquired belongs;	Service Industry
		Process Management Services in the area of Data andChequeManagement,CTSSystems,CreditCardProcessing and transactions processing of various types forBFSI Sector.
d	Objects and effects of acquisition (including but not limitedto, disclosure of reasons for acquisition of target entity, if itsbusiness is outside the main line of business of the listedentity);	The business activities of Quadpro E Services PrivateLimited is in same line of the business of our company("Airan Limited"). Therefore object to acquire QES is toleverage the growth opportunities and to become moreagile and customer-focused in southern region of India.
e	Brief details of any governmental or regulatory approvalsrequired for the acquisition;	NotApplicable
f	indicative time period for completion of the acquisition;	Share Purchase Agreement proposed to be entered on orbefore March 10, 2021 for acquiring 14,53,477 EquityShares of QES proposed to be acquired on or beforeMarch 15, 2021
g	Nature of consideration - whether cash consideration orshare swap and details of the same;	Cash Consideration

AIRAN LIMITED

Sr.No.	Particulars	Details
i	Percentage of shareholding / control acquired and / ornumber of shares acquired;	Acquisition of 14,53,477 Shares which constitutes 70.45%of QES.
j	Brief background about the entity acquired in terms ofproducts/line of business acquired, date of incorporation,history of last 3 years turnover, country in which theacquired entity has presence and any other significantinformation (in brief);	Quadpro E Services Private limited was incorporated onNovember 3, 2010 and is engaged in the activities ofproviding Process Management Services in the area ofData and Cheque Management, CTS Systems and CreditCard Processing. The registered office of the Company issituated at No.17, 3rd Cross, Lalbagh Road, Bangalore -560027.Details of last 3 years turnover:
		F.Y. 2019-20(Audited)	F.Y. 2018-19(Audited)	F.Y. 2017-18(Audited)
		12.81	14.92	3.08
	Country of Presence : India

AIRAN LIMITED