Integrated Proteins Limited has incorporated a wholly-owned subsidiary company named "TERRANEXA AGTECH INC" in New Jersey, USA. This disclosure is made pursuant to Regulation 30 and other applicable provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Subsidiary Details
- Name: TERRANEXA AGTECH INC
- Location: New Jersey, USA
- Authorized Share Capital: $1,000 (USD) (approximately ₹95,000), divided into 1000 shares of $1 each
- Paid-Up Share Capital: $1,000 (USD) (approximately ₹95,000), divided into 1000 shares of $1 each
- Industry: Agricultural technology services and all other lawful activities under state law (USA)
- Turnover: Not applicable (newly incorporated entity)
- Cost of Acquisition: Shares acquired at face value of $1 (approximately ₹95)
- Shareholding: 100% of total capital acquired by Integrated Proteins Limited
Transaction Details
- The subsidiary incorporation constitutes a related party transaction as it will be a wholly-owned subsidiary of Integrated Proteins Limited.
- The promoters/promoter group/group companies have no interest in the transaction beyond this subsidiary relationship.
- The transaction is described as being at "arm's length."
Purpose and Impact
- Objects: To engage in agricultural technology services and all other lawful activities under US state law
- Impact: To leverage new growth opportunities in the US markets
- The subsidiary will be engaged in the same business as the holding company (Integrated Proteins Limited)
Regulatory Approvals
- Reserve Bank of India (RBI) approval required
- Approval from other statutory and regulatory authorities in New Jersey, USA required
Background Information
- The entity is newly incorporated with no historical turnover data for the past 3 years
- The company has presence specifically in New Jersey, USA
This disclosure was signed by Hiren Dhirajlal Shah, Managing Director (DIN: 09842161) of Integrated Proteins Limited, and submitted to BSE Limited for record.