Investment30 Dec 2024, 10:19 pm
MIC Electronics Completes Rs. 51 Crore Investment in Wholly-Owned Subsidiary SOA Electronics Trading LLC
AI Summary
MIC Electronics Ltd. has completed an investment of Rs. 51 crores in its wholly-owned subsidiary, SOA Electronics Trading LLC, based in Dubai. The investment was made on May 09, 2024, and the subsidiary's share capital is AED 22,408,000, divided into 22,408 shares with a value of AED 1,000/- each. The subsidiary is involved in Electrical & Electronic Appliances Spare Parts Trading. The acquisition is a related party transaction, but it is done at arm's length. The Company has subscribed to 100% of the paid-up share capital in consideration for cash.
Key Highlights
- MIC Electronics has completed an investment of Rs. 51 crores in SOA Electronics Trading LLC.
- SOA Electronics Trading LLC is a wholly-owned subsidiary of MIC Electronics based in Dubai.
- The subsidiary is involved in Electrical & Electronic Appliances Spare Parts Trading.
- The acquisition is a related party transaction, but it is done at arm's length.
- The Company has subscribed to 100% of the paid-up share capital in consideration for cash.