Cello World Limited has established a wholly owned subsidiary, “Cello Consumer Products Private Limited”. No governmental or regulatory approvals are required for the acquisition, and there is no indicative time period for its completion.
It has both authorised and paid-up capital of ₹1,00,000. As the business operations have not yet commenced, details about its size or turnover are not applicable. This new subsidiary is considered a related party transaction since Cello World Limited fully owns it, and no additional interest from the Promoter or Group Companies exists beyond this ownership.
The new subsidiary will focus on manufacturing, processing, and selling plastic and stainless steel household items such as thermoware, vacuum flasks, and electrical appliances. It will also produce and deal in a wide range of plastic materials and products, including containers, toys, footwear, furniture, and industrial items. The company will engage in various activities related to plastic and engineering tools, including manufacturing, importing, exporting, and servicing equipment and tools for different industries.
The acquisition involves the Company fully subscribing to the paid-up share capital of the subsidiary with a cash consideration. Specifically, the Company will invest ₹1,00,000 to acquire 10,000 equity shares at ₹10 each. This investment will grant the Company 100% ownership of Cello Consumer Products Private Limited, which represents the full shareholding of the subsidiary.
Cello Consumer Products Private Limited was incorporated on August 21, 2024, to operate in the consumer goods sector. As business operations have not yet commenced, there is no turnover history available. The subsidiary is registered in India with the Registrar of Companies of Goa.
Cello is a well-known Indian consumer products company and a leader in the consumerware market. It operates in categories such as consumer houseware, writing instruments and stationery, and moulded furniture. The company introduced glassware and opalware in 2017 under the “Cello” brand, and in 2019, it launched writing instruments and stationery under the “Unomax” brand.
On August 23, 2024, Cello World share price opened at ₹915.00, touching the day’s low of ₹901.80 as of 01:34 PM 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.
Published on: Aug 23, 2024, 5:34 PM IST
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