Sancode Subsidiary Allots CCPS, Raises ₹107 Cr

Sancode Technologies Ltd announced that its subsidiary, Sancode Semi Private Limited, has successfully raised ₹107 crores through the preferential allotment of 31,467 Compulsorily Convertible Preference Shares (CCPS). Sancode Technologies will hold 95.74% of the subsidiary on a fully diluted basis post-allotment. The funds raised are intended for the development of an OSAT Project, including land acquisition, technology, plant, and machinery. The transaction is considered a related party transaction as key directors of Sancode Technologies are also directors in the subsidiary, but it is conducted on an arm's length basis.