Exicom Tele-Systems Limited has informed the Exchange regarding 'dilution of stake and change in status of Exicom Power Solutions B.V., Netherlands from "Wholly-owned Subsidiary" to "Subsidiary" of the Company.'
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Exicom Tele-Systems has announced that its Dutch subsidiary Exicom Power Solutions B.V. has converted Optionally Convertible Debentures (OCDs) worth USD 5.5 million into equity shares. This includes an additional USD 1 million conversion beyond the earlier approved USD 4.5 million. Following the conversion, the company's stake in Exicom B.V. has been diluted from 100% to 92.23%. A foreign investor now holds 7.77% of the subsidiary. While Exicom B.V. has ceased to be a wholly-owned subsidiary, it continues to remain a material subsidiary of the company. No benefit has accrued to the promoter or promoter group from this restructuring.
The dilution reduces Exicom's control over its Dutch subsidiary but maintains material subsidiary status. This represents a partial exit by the company into its subsidiary, though it retains majority ownership at 92.23%.