Date: September 21, 2026

Board Meeting Outcomes

The Board of Directors of Purple Style Labs Limited, at its meeting held on Monday, September 21, 2026 (03:30 p.m. to 04:10 p.m.), considered and approved the investment of USD 7 million by acquisition of 7 million Class B Common Stock of Purple Style Labs USA, Inc., the Company's wholly owned subsidiary. The investment would be primarily funded from the proceeds from the Initial Public Offer (IPO) of the Company.

Investment Details

Target Entity: Purple Style Labs USA, Inc. (PSL USA)

Entity Background:

  • Incorporated as a Delaware Corporation registered with Division of Corporations, Secretary of State, Delaware United States of America
  • Date of incorporation: April 16, 2025
  • Operates retail business across categories including womenswear, menswear, jewelry, accessories, and kidswear through a physical experience centre under the trade name Pernia's Pop-Up Studio in New York City
  • Turnover for period from April 16, 2025, to March 31, 2026: INR 11.58 Million

Share Capital Structure (as of disclosure date):

  • 10,000,000 Class A Common Stock of par value $0.00001 each aggregating to USD 100
  • 2,000,000 Class B Common Stock of par value $1 each aggregating to USD 2 million

Investment Terms:

  • Consideration: USD 7 Million (cash)
  • Instrument: 7 Million Class B Common Stock at par value of USD 1 each
  • Purpose: For PSL USA's general corporate purposes, in accordance with the terms of the Prospectus
  • Current ownership: Company holds 100% of common stock of PSL USA
  • Post-investment ownership: Company will continue to hold 100% of common stock of PSL USA
  • Completion timeline: Within 30 days of receiving relevant approval from authorised dealer bank

Regulatory Approvals Required:

  • Permission/approval from authorized dealer bank for the proposed overseas direct investment under Foreign Exchange Management (Overseas Investment) Rules, 2022

Related Party Transaction Disclosure

PSL USA, being a wholly owned subsidiary of the Company, is a related party under Section 2(76) of the Companies Act, 2013. The transaction is undertaken in accordance with the objects of the IPO stated in the offer document and is on an arm's length basis.

Promoter/Promoter Group Interests:

  • Mr. Abhishek Agarwal (Promoter, Whole-time Director and Chief Executive Officer, and shareholder of the Company) serves as President, Secretary and Treasurer of PSL USA
  • Ms. Priyanka Agarwal and Ms. Payal Agarwal (immediate relatives of the Promoter) are shareholders of the Company

Except for the stated shareholding in the Company and positions held by the Promoter, none of the Promoter, members of the Promoter Group, or group companies have any interest in the transaction.

Industry Classification

The acquired entity belongs to the Commercial industry.