Jubilant FoodWorks has entered into a Share Subscription Agreement, Shareholders’ Agreement and Share Purchase Agreement, to acquire 40% stake in Delhi-based Roadcast Tech Solutions for Rs 14.98 crore in an all-cash deal.
Roadcast offers a logistics platform for management of last-mile delivery operations. Its delivery automation software-as-a-service (SaaS) platform helps clients monitor their fleet and personnel in real-time.
With this investment, Jubilant Foodworks aims to make strategic investments in promising start-ups and emerging businesses and is in line with the stated goal of building a multi-brand and multi-country food business powered by technology.
The transaction shall be completed within a period of 60 days from the execution of the Share Subscription Agreement and Share Purchase Agreement, i.e., 60 days from July 28, 2022. The company seeks to acquire a 25.71% stake in Roadcast by subscribing to 5,004 Compulsorily Convertible Series A Preference Shares of the face value of Rs 100 each.
Further, it will acquire a 14.29% equity stake from existing shareholders of Roadcast via purchase of 17 Compulsorily Convertible Seed Preference Shares of the face value of Rs 10 each, and 2,763 equity shares of the face value of Rs 10 each.
