On July 25, 2024, Exicom Tele-Systems Limited announced via a stock exchange filing that it had incorporated a wholly-owned subsidiary, “Exicom NexGen Power B.V.,” in the Netherlands. Exicom Tele-Systems Limited has acquired 100% shareholding in Exicom NexGen Power B.V.
Exicom NexGen Power B.V. has been established to engage in various business activities, including the manufacturing, importing, exporting, and trading of electric vehicle charging stations and systems, solar energy systems and components, batteries, and telecommunication equipment. Additionally, the subsidiary will repair and maintain primary and storage batteries. This incorporation aims to meet the global demand for these products and to expand Exicom Tele-Systems Limited’s business operations internationally.
Related Party Transaction: Exicom NexGen Power B.V., as a wholly owned subsidiary, is a related party of Exicom Tele-Systems Limited. The promoter/promoter group/group companies are not involved or interested in this transaction, which is conducted at “arm’s length.”
Consideration: The acquisition involves a 100% cash subscription to the subsidiary’s equity share capital. Once the subsidiary’s bank account is operational, this will be executed through normal banking channels.
Cost of Subscription: Exicom Tele-Systems Limited has subscribed to 500,000 ordinary shares of €1 each in the new wholly-owned subsidiary.
Exicom NexGen Power B.V. was incorporated on July 25, 2024, with an issued share capital of €5,00,000. The new subsidiary will focus on manufacturing, importing, exporting, and trading electric vehicle charging stations and systems, solar energy systems and components, batteries, telecommunication equipment, and the repair and maintenance of primary and storage batteries.
Exicom TeleSystems Limited was originally incorporated as Himachal Exicom Communications Limited, a public limited company, on May 9, 1994. This was formalised with a Certificate of Incorporation issued by the Registrar of Companies for Punjab, Himachal Pradesh, and Chandigarh, based in Jalandhar. The company received its Certificate of Commencement of Business on May 11, 1994, from the same registrar.
On July 26, 2024, Exicom Tele-Systems Ltd’s share price opened at ₹439.90, touching the high of ₹455.90 as of 10:50 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.
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