Company News: Inditrade Capital Ltd

Inditrade Capital Ltd has called off a deal to acquire a majority stake Varam Capital Private Ltd. The board of directors of Inditrade Capital had approved entering into a non-binding letter of intent in November 2017 for acquisition of majority stake in Varam Capital Pvt Ltd, an NBFC–MFI. The LOI executed between the parties provided for a validity period of 90 days, and the same would cease to be effective, if the definitive agreements were not executed within the period or such other date as may be mutually agreed upon. "Despite the best efforts, Inditrade Capital and Varam Capital Private have not been able to conclude the negotiations and execute the Definitive Agreements in this regard," the company said in a notice to the stock exchanges. The stock of Inditrade Capital closed 0.53 per cent higher at ₹66 on the BSE.