Bhansalis buy big into IncentiaPay
THE Indian Bhansali family has dived into Gold Coast listed electronic payments company IncentiaPay, storming on to the register as a substantial holder.
Bhansali Capital Limited spent $937,689 on 12.3 million INP shares in a fast and furious spree from February 13 to May 10, giving it a 5.07 per cent stake.
IncentiaPay owns restaurant and activity guide Entertainment Publications and previously owned Gold Coastbased trade exchange network Bartercard.
Shares in IncentiaPay rose after the announcement, closing up 15.38 per cent at 6¢ yesterday.
In February, the company confirmed a potential takeover could be on the cards after it “received expressions of interest, including non-binding indicative proposals to recapitalise or consider change of control transactions”.
Mauritius-based, Gold Coast-directed Skybound Capital bought a near 15 per cent stake in IncentiaPay through company vehicle New Gold Coast Holdings in March.
A website for Bhansali Capital, which is registered in the Cayman Islands, said the company was chiefly invested in real estate, as well as public and private companies.
The website said the family was also “an active investor in start-up to mid-stage companies from a variety of different fields such as FMCG products, the pharmaceutical industry, the IT industry and Green Incentive Products”.
IncentiaPay then launched a $1.154 million share placement, at 8¢ per share, with New Gold Coast Holdings, enabling Skybound to increase its stake to 19.9 per cent.
IncentiaPay’s first-half results revealed an improving situation for the company, which last year saw its share price plummet to as low as 2.6¢.
The company changed its name from BPS Technology in 2018.