63 moons technologies limited has informed the Exchange about General Updates
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The wholly owned subsidiary of 63 moons, 63SATS Cybertech Limited, has raised Rs. 10.62 crores through a private placement of 10.62 crore equity shares at face value (Re. 1 each). As a result of this allotment, 63SATS will no longer be classified as a subsidiary of 63 moons, though management control remains with the parent company per its Articles of Association. Additionally, 63 moons holds 6,000 partly-paid zero-coupon unsecured optionally fully convertible debentures (ZOFCDs) of Rs. 1 lakh each, totalling Rs. 60 crores, in 63SATS. Upon full payment and conversion, 63 moons will end up holding 60 crore equity shares of 63SATS.
The dilution at the subsidiary level means 63 moons no longer has majority ownership in 63SATS, though it retains management control. The ZOFCD conversion could eventually make 63 moons a major shareholder again, but the current loss of subsidiary status may affect consolidation of financials.