Intimation under Regulation 30 of SEBI (LODR) Regulations, 2015
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Rithwik Facility Management Services Ltd is acquiring an additional 24% stake in its subsidiary Rithwik Indus Power Private Limited, raising its holding from 76% to 100% (making it a wholly-owned subsidiary). The target company is in the power generation business but has not yet commenced operations. The deal is for cash consideration of Rs. 24,000 and is expected to be completed within one month. The transaction qualifies as a related party transaction since relatives of promoters are directors and shareholders in the target entity. The acquisition is aimed at strengthening the company's presence in power generation.
This is a small, low-cost consolidation move that turns the subsidiary into a wholly-owned entity, giving Rithwik Facility Management full control over the power generation venture. For shareholders, the financial impact is negligible given the Rs. 24,000 consideration, but it signals the company's intent to grow in the power generation segment.