Wardwizard to Invest 1,00,000 SGD in Wholly-Owned Subsidiary

On August 12, 2024, Wardwizard Innovations & Mobility Limited announced that its Board of Directors approved an investment of up to 1,00,000 Singapore Dollars (SGD) in its wholly-owned subsidiary, Wardwizard Global PTE. LTD.

Wardwizard Global PTE LTD is based in Singapore. Wardwizard Global PTE LTD has a paid-up capital of 10,000 ordinary shares, each valued at 1 SGD, and reported a turnover of 6,64,517 SGD as of March 31, 2024.

This investment, to be made through subscribing to or acquiring additional shares in 1 or more tranches, is classified as a related party transaction since Wardwizard Innovations & Mobility Limited is the parent company.

The investment will be conducted at arm’s length, ensuring that the terms are fair and aligned with market conditions. Wardwizard Global PTE LTD operates in the manufacturing of secondary batteries and the assembly of motor vehicles.

The funds will be used for working capital and other general activities, routine expenses, and operational purposes. The acquisition will also require regulatory approvals from Singaporean and Indian authorities.

The entire process of issuing shares is expected to be completed within 12 months in 1 or more tranches. The investment will be made through Foreign Direct Investment (FDI) or Overseas Direct Investment (ODI) by acquiring equity shares. The shares will be acquired at their face value of 1 Singapore Dollar (SGD) each.

Wardwizard Innovations & Mobility Limited currently holds 100% of the ordinary shares in Wardwizard Global PTE LTD. Once the process is completed, the percentage of shareholding or number of shares post-issue will be communicated.

About Wardwizard Innovations & Mobility Ltd

Wardwizard Innovations & Mobility is committed to providing clean and greener alternatives through its flagship products, Joy E-Bikes and Vyom Innovations. As a leading electric vehicle (EV) manufacturer, the company made history as the first entity listed on the BSE with a core focus on EV manufacturing. It introduced its electric bicycle in 2016 and has since expanded its product line to include low-speed e-vehicles such as the Gen-next, Glob, Wolf, and Monster.

On August 13, 2024, Wardwizard Innovations & Mobility Ltd’s share price opened at ₹54.45, touching the day’s high at ₹54.92, as of 10:34 AM on the NSE.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.