Touchwood Entertainment Incorporating New Real Estate Subsidiary, Securing Name Approval from MCA
Touchwood Entertainment Limited is proceeding with the incorporation of a new subsidiary company, following approval received from the Ministry of Corporate Affairs (MCA) for the name. The company has agreed to subscribe to the share capital of the proposed entity, which will focus on real estate development and related activities.The new subsidiary, named TouchTown Ventures Private Limited, is intended to operate within the Real Estate industry. Its objects are defined as acting as real estate developers, builders, contractors and property managers. The company aims to acquire and utilize development rights, approvals, and associated assets for the commercial exploitation of real estate projects.
Touchwood Entertainment Limited will hold a 70% stake in TouchTown Ventures Private Limited upon incorporation, making the venture a subsidiary of the parent company. This transaction falls under related party transactions. Mr. Vijay Arora, who is a Promoter and Whole Time Director of Touchwood Entertainment Limited, is proposed to be appointed as a Director of the subsidiary.
The investment structure includes an authorized capital of Rs 100,000/-, comprising 10,000 Equity Shares of Rs 10/- each. The cost for this acquisition stands at Rs 70,000/-.
Key details regarding the proposed entity and the relationship with Touchwood Entertainment Limited are summarized below:
| Feature | Detail |
|---|---|
| Target Company Name | TouchTown Ventures Private Limited |
| Industry | Real Estate |
| Authorized Capital | Rs 100,000/- (10,000 Equity Shares of Rs 10/- each) |
| Shareholding Acquired | 70% of the Equity Share Capital |
| Nature of Consideration | Cash |
| Cost of Acquisition | Rs 70,000/- |
The acquisition is structured as a cash transaction. Historical data regarding the target company's turnover or line of business is currently unavailable as it is yet to be incorporated.
TOUCHWOOD Stock Price Movement
Touchwood Entertainment Limited shares edged higher in the market today, settling at ₹70.9 after gaining 1.29%. The stock maintained strong intraday momentum, trading between a low of ₹70.1 and a high of ₹71.4 with a total traded volume of 287 shares.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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