GACM Technologies to Incorporate UK Subsidiary, Explores Share Swap Deal
GACM Technologies Ltd announced today the approval by its Board of Directors to incorporate a Wholly Owned Foreign Subsidiary (WOFS) in the United Kingdom to expand international operations. The company also discussed a proposal for issuing equity shares to non-promoters on a preferential basis (share swap) for acquiring stakes in Market Simplified India Limited and WEXL EDU Private Limited. Preparatory activities for this proposed transaction are underway, with the date for a potential shareholders' meeting to be decided later. The WOFS, named AURATRUST TECH LIMITED (pending approval), will focus on software development and IT services, and will be a related party to GACM Technologies from incorporation.
Key Highlights
- Board approved incorporation of a UK-based Wholly Owned Foreign Subsidiary.
- WOFS aims to expand GACM Technologies' international business operations.
- Exploration of a share swap deal for acquiring stakes in two Indian companies.
- Preparatory activities for the share swap transaction have commenced.
- The new subsidiary will operate in software development and IT services.
Price Impact
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