Dreamfolks Services said that its board has approved the proposal to acquire 60% equity shares of Vidsur Golf for an aggregate cash consideration of Rs 1.50 crore.
Vidsur Golf is an aggregator which ties up golf clubs directly or indirectly including through master aggregators and offers the golf course game and lesson access to its clients which are primarily network providers and card issuers for their end users. Vidsur aims at to bring golf to a wider audience by creating a unique link between golf courses, golfers & corporates.
Currently, Vidsur is rapidly expanding the customized golf programs for clients in lndia by offering benefits at the best golf clubs, backed by an innovative software and the best commercial rates. Vidsur had recorded a turnover of Rs 38.13 lakh in FY 2021-22.
Dreamfolks Services is making the said acquisition for business expansion purposes. It expects to complete this transaction within a period of 25 days.
Upon completion of such acquisition Vidsur will become a subsidiary of the company.
At the same meeting, the board of directors of the company has also approved the proposal for incorporation of a subsidiary company in Singapore and authorized Liberatha Peter Kallat, chairperson & managing director, and Giya Diwaan, chief financial officer, of the company to do all the necessary acts for the same.
Dreamfolks Services is India's largest airport service aggregator platform facilitating an enhanced airport experience to passengers leveraging a technology driven platform.
The company's consolidated net profit surged to Rs 18.98 crore in the quarter ended December 2022 from Rs 6.16 crore during the previous quarter ended December 2021. Sales jumped to Rs 204 crore in Q3 FY23 from Rs 98.31 crore in Q3 FY22.
The scrip rose 0.81% to currently trade at Rs 440 on the BSE.
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