Summary of Key Information:
Nature of Filing / Announcement: Intimation regarding incorporation of wholly owned subsidiaries under Regulation 30 of SEBI Listing Regulations
Corporate Actions:
The Board of Directors approved the following:
1. Indian Subsidiary: Approved incorporation of Agastya Solar Power Private Limited (or such other name as approved by Registrar of Companies) as a wholly owned subsidiary to be incorporated in the State of Uttar Pradesh, India. Investment approved: Up to ₹1,00,000 (Rupees One Lakh Only) in equity shares at face value of ₹10 per share. The company will hold 100% equity shares.
2. Dubai Subsidiary: Approved incorporation of Agastya Global Enterprises (or such other name as approved by Registrar of Companies) as a wholly owned subsidiary in Dubai, UAE. Investment approved: Not exceeding AED 10,000 (equivalent to approximately ₹257,206.10), or such amount as may be approved by authorized officials within permitted limits. The company will hold 100% stake.
Business Rationale:
The incorporation of these wholly owned subsidiaries is expected to facilitate operational efficiency, business expansion, strategic investments, and other activities in furtherance of the Company's long-term objectives.
Subsidiary Business Activities:
- Agastya Solar Power Private Limited: Business activities as may be approved by the Board from time to time and as set out in its Memorandum of Association
- Agastya Global Enterprises: Trading in renewable energy and allied equipment, along with raw materials and finished goods associated with or incidental to such activities