Sancode Subsidiary Allots 4 Lakh Equity Shares via Rights Issue

Sancode Technologies Ltd has announced an intimation regarding the allotment of 4,00,000 equity shares in its wholly-owned subsidiary, Sancode Semi Private Limited, through a rights issue. This allotment constitutes 100% of the total shareholding, and Sancode Technologies' ownership remains at 100% post-allotment. The subsidiary is involved in the semiconductor business, including manufacturing, design, and R&D. The investment is considered a related party transaction, with directors of Sancode Technologies also being directors in the subsidiary. The acquisition is on an arm's length basis and aims to strengthen the company's presence in the semiconductor ecosystem. The cost of acquisition for these shares was ₹40,00,000.