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Exclusive: ValueFirst Acquires Indyarocks.com

ValueFirst has acquired a majority stake in online social networking site Indyarocks.com, MediaNama had learned from reliable sources. The company's filings with the Registrar of Companies confirm this: "- A board resolution dated 18th of January 2012 for a change of the companys registered address points towards the "Acquisition of majority stake by ValueFirst Messaging", and that the registered office is being changed to "bring about efficiency and economy in the functioning of the Company because the entire operation will be stream lined/merged with operations of ValueFirst Messaging Private Limited at the proposed place." - On 30th November 2011, a share purchase was executed between ValueFirst and the founders of Indyarocks ValueFirst, Jakkampudi Adiseshaih Chowdary, VeEn Promoters Private Limited, Mrs. Rebela Keerthi, Ms. Rebela Prathista, Mrs. Rebela Vijaya, Naga Agrotech Private Limited and Dr. Mohana Velagapudi. - ValueFirst shall have an option (“Acquisition Option”) to acquire, either directly or through an Affiliate, all or some of the Shares held by the Founders and Other Shareholders (“Exiting Shareholders”) by giving a written notice to each of the Exiting Shareholders (“Acquisition Notice”). The Acquisition Option may be exercised by ValueFirst upon the earlier of (i) an IPO; (ii) change in control of ValueFirst resulting from a merger or acquisition; (iii) the expiry of a period of 3 (three) years from the Completion Date; or (iv) such time as may be mutually agreed upon between ValueFirst and the Exiting Shareholder. It is hereby clarified that absence of mutual agreement between ValueFirst and any one or more of the Exiting Shareholders regarding acquisition of…

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Written By

Founder @ MediaNama. TED Fellow. Asia21 Fellow @ Asia Society. Co-founder SaveTheInternet.in and Internet Freedom Foundation. Advisory board @ CyberBRICS

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