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EGW Capital To Build A Warchest For US $100 Mn Tech Co. Acquisition

08-31-2020 02:05 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: EGW Capital Inc

Rahul Kumar, CEO EGW Capital

Rahul Kumar, CEO EGW Capital

EGW Capital, the blockchain investment bank providing a range of services like Blockchain Listings, Reverse Mergers and Private Placements has announced the issuing of US $10 million (Rs. 75 crores) worth of short term bonds (12 months), extendable by another 6 months with a coupon rate of 1% per month to finance the purchase of a special purpose acquisition company (SPAC) shell to acquire the US $100 million (Rs 750 crores) worth of business focused on the technology and financial technology, which may possibly be a blockchain-related business.

A small amount of raised money will also be used to pay earnest money for the Life Insurance Corporation (LIC) shares ahead of its IPO. EGW Capital has a plan to tokenize US $100 million worth of LIC’s shares on the DigiByte blockchain and make the IPO available to the Indians living abroad, like the US and Canada.

EGW Capital will issue its short term bonds on the DigiByte blockchain which will be fully underwritten and fully secured. The bonds will be listed on the key crypto exchanges. The company will issue 200,000 bond units with a face value of US $50 each. The investors will be able to trade the bond units, hence there will be no lock-in period. The interest will be paid interest on a stipulated date every month which makes these bonds a great bet for the investors looking for short term investment.

Through the SPAC transaction, EGW Capital may acquire a company in full or may acquire a majority stake (49% and above) in the target business. The company is currently in talks to acquire a SPAC shell in the US which is already financed up to the US $100 million. EGW Capital may also float its own SPAC in case it does not find the right shell for its business.

For its business acquisition, EGW Capital is focusing on several markets like India, the United Kingdom, and the United States and will soon shortlist the right investment opportunities. The SPAC transaction will be headed by Rahul Kumar, the CEO of EGW Capital along with two additional people who are yet to be named.

Immediately after the SPAC merger is completed the acquired target will be listed on the New York Stock Exchange (NYSE).

“EGW Capital is committed to acquiring a great technology business. We are building a war chest and we have an option to raise up to the US $300 million in case the planned target is larger. Blockchain and its related technologies will be our key focus areas. We are also focusing on some great fintech startups (more than 3 years old). As of now, the focus is to set up the SPAC. Since it’s against the regulations to talk about our research about the targets, the media has to wait to learn whom we will acquire in the coming days, but it is for sure a great company will be soon acquired,” said Rahul Kumar.

EGW Capital is also gearing up for its Initial Exchange Offering (IEO) offering, acquiring credible businesses will add tremendous value to the proposed offering.

What is SPAC?

SPAC or the Special Purpose Acquisition Company as the name suggests is formed to acquire an already running business. Credible companies or individuals generally float SPAC. A SPAC usually has 18-24 months to consummate a transaction, i.e., to find a target for the merger. A SPAC after it raises funds in its pool goes on a hunt to acquire the right business which has higher chances to be approved by the initial investors in the SPAC, who are usually the institutional investors. In case, the SPAC founder fails to find the right opportunity the money goes back to the shareholders.

Company Name: EGW Capital Inc.
Contact: James Law
Address: 1100 Peachtree Street NE, Suite 200, Atlanta, Georgia 30309
Phone: 646-583-3062

We help our clients navigate through the uncertainties and capture the opportunity that the blockchain-based digital assets represent. To do this, we have instituted processes and infrastructure in line with the established standards of financial regulation.

EGW Capital operates through several divisions, offering end-to-end solutions for corporates, institutional investors, family offices, and high-net-worth individuals.

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