In a Board Meeting on 5th December, 2022, Landmark Cars Limited approved the subscription of Pre Series A Compulsorily Convertible Preference Shares (“CCPs”) issued by Sheerdrive Private Limited (“SPL”) through private placement. As a result, the Company has signed a revised shareholders agreement with SPL.
Based on the above, Landmark Cars Limited will invest in Sheerdrive Private Limited (“SPL”) by subscribing to Pre Series A Compulsorily Convertible Preference Shares (“CCPs”) in one or more installments, for a maximum amount of ₹ 3,00,00,000/- (Rupees Three Crores Only). The total investment made by the Company in SPL will not exceed ₹ 8,60,00,000/- (Rupees Eight Crores and Sixty Lakhs Only). After the conversion of CCPs, the Company’s shareholding in SPL will not exceed 20% following the additional investment.
Sheerdrive Private Limited (“SPL”) is a platform that helps buyers and sellers with transactions in the physical and electronic form, including through forward and reverse auctions. SPL also provides software development services and acts as a platform, consultant, and service provider for automobiles (new and used) of all types (four-wheelers, three-wheelers, two-wheelers, commercial vehicles, automobile products, parts, tools, spares, and accessories). In addition, SPL offers consultancy and other services, financing, working capital/retail (through third parties or on its own), automobile insurance products (through third parties), business process outsourcing, and call center management as needed for the aforementioned platform.
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