Summary of Key Information:
Reporting Period (Quarter/Year): Not Specified
Nature of Filing / Announcement: Outcome of Board Meeting regarding incorporation of overseas subsidiary and asset acquisition
Audit Opinion:
Not Specified
Key Financial Highlights:
Not Specified
Standalone Results:
Not Specified
Consolidated Results:
Not Specified
Segment-wise Performance:
Not Specified
Corporate Actions:
The Board approved the incorporation of a wholly owned subsidiary company in the United Kingdom (UK) under the name 'Univastu Networks Limited' or such other name as approved by UK regulatory authorities.
The purpose of the subsidiary is to acquire assets of 'Cambium Networks Ltd' (in administration).
Investment details:
- Investment type: 100% subscription of paid-up share capital
- Investment amount: £3,900,000 (Thirty Nine Lakh Great Britain Pounds)
- Share quantity: 39,00,00,000 Ordinary (Equity) Shares
- Face value: £0.01 (One Pence) per share
- Consideration: Cash
- Shareholding: 100% ownership by Univastu India Limited
Other Significant Information:
Industry of target acquisition: Telecommunications and wireless networking technology industry
Purpose of acquisition: Business expansion and acquisition of assets of 'Cambium Networks Ltd' (in administration)
Entity status: The UK subsidiary is yet to be incorporated at the time of this announcement.
Common directorship will exist between the parent company and the proposed subsidiary.