Purple Style Labs to invest $7M in US subsidiary

Purple Style Labs Ltd's Board of Directors approved an investment of USD 7 million in its wholly-owned subsidiary, Purple Style Labs USA, Inc. The investment involves the acquisition of 7 million Class B Common Stock of PSL USA, with funding primarily sourced from the company's Initial Public Offer (IPO) proceeds. This capital injection is intended for PSL USA's general corporate purposes, as outlined in the IPO prospectus. The transaction is considered a related party transaction, conducted on an arm's length basis. Mr. Abhishek Agarwal, Promoter and Whole-time Director of Purple Style Labs, also holds key positions in PSL USA. The company will maintain its 100% shareholding in the US subsidiary post-investment. Regulatory approval from an authorized dealer bank for overseas direct investment is required, with completion expected within 30 days of approval.