Sancode Technologies Ltd Establishes Subsidiary in Semiconductor Sector
Sancode Technologies Ltd announced the incorporation of Sancode Electronics Private Limited, effectively establishing the latter as a subsidiary. The move enables the company to strategically expand and deepen its involvement in the semiconductor and microchip industry.Sancode Technologies Ltd confirmed that it holds a substantial 99.99% shareholding in Sancode Electronics Private Limited, which was incorporated under the provisions of the Companies Act, 2013.
Sancode Electronics Private Limited is focused on the advanced hardware industry. Its business scope includes manufacturing, designing, developing, assembling, importing, exporting, buying, selling, and otherwise dealing in semiconductors, integrated circuits, microchips, electronic components, and other related hardware. The subsidiary is also set up to undertake research and development activities aimed at enhancing the quality, performance, and functionality of these complex electronic products.
The company stated that the primary objective of this venture is strategic investment, allowing the firm to penetrate new market avenues and drive business growth within the semiconductor and microchip domain.
The transaction details surrounding the establishment of the subsidiary include the following financial and structural information:
| Parameter | Detail |
|---|---|
| Name of Subsidiary | Sancode Electronics Private Limited |
| Authorized Capital | Rs. 10,00,000 (1,00,000 Equity Shares of Face Value of Rs. 10/- each) |
| Paid Up Capital | Rs. 1,00,000 (10,000 Equity Shares of Face Value of Rs. 10/- each) |
| Industry | Semiconductors and Electronic Components |
| Subsidiary Status | Sancode Electronics Private Limited is incorporated as a Subsidiary Company of Sancode Technologies Ltd., which holds 99.99% shareholding. |
The financial aspect of the transaction involves Sancode Technologies Ltd. subscribing to 9,999 Equity Shares of Sancode Electronics Private Limited. The total consideration for this acquisition is Rs. 99,990/-.
Key transaction specifics are detailed below:
| Detail | Value |
|---|---|
| Nature of Consideration | Cash |
| Equity Shares Subscribed | 9,999 Equity Shares |
| Face Value per Share | Rs. 10 each |
| Total Consideration | Rs. 99,990/- |
| Percentage of Shareholding Acquired | (Derived from the transaction consideration) |
Sancode Electronics Private Limited, while newly incorporated, currently operates in India. The company confirmed that its last three years turnover was Not Applicable due to its recent incorporation status.
Stock Price Movement
As of 13:45, Sancode Technologies shares are falling, currently hovering at ₹227.80, which marks a 4.98% decline today. Throughout the day, the shares have been trading completely flat, remaining locked precisely at the ₹227.80 mark.Source:
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