Pls find attached the Intimation for the Investment made by the Subsidiary Company into the Step Down Subsidiary of our Company.
RACE · price
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Race Eco Chain Limited announced that its subsidiary, Ganesha Recycling Chain Private Limited, has invested ₹5 crore in GEM Polymers Private Limited, which becomes a step-down subsidiary of the company. The investment was made by subscribing to 5,00,000 equity shares at ₹100 per share (face value ₹10, premium ₹90), giving Ganesha Recycling a 98.79% stake in GEM Polymers. GEM Polymers was incorporated on January 4, 2024, is engaged in plastic recycling, and currently has nil turnover. The transaction qualifies as a related party transaction, with no promoter or group company interest in the target entity, and was done entirely in cash.
This is a vertical expansion within the company's existing plastic recycling business, strengthening its operational footprint through a step-down subsidiary. While the ₹5 crore infusion is modest, it signals continued investment in the core recycling vertical, which could support long-term growth, though the target currently has no revenue.