Mahalaxmi Rubtech has further acquired shares and voting rights in its Wholly owned Subsidiary (WOS) Company namely ‘Mahalaxmi Exports’. WOS has issued 28,50,000 number of equity shares at a face value of Rs 10 each, for business purpose, on a right basis in its Board Meeting held on March 12, 2022, which have been fully paid up by the Company, for cash, aggregating to Rs 2.85 crore, resulting into 100% shareholding in WOS.
WOS has been incorporated on November 05, 2019. It is engaged in the textile business. It falls within the related party transaction and the same is done at arm length basis. Promoters cum Directors of the Company are also Directors in WOS. It does not require any governmental or regulatory approvals for acquisition.
Mahalaxmi Rubtech is a manufacturer-exporter of rubber textile printing blankets and coated fabrics.
