Mumbai, July 24, 2024 — Kody Technolab Limited has announced the incorporation of a new subsidiary company, KODY MIDDLE EAST HOLDING L.L.C.-FZ, in Dubai, United Arab Emirates. This strategic move aims to expand the company's footprint in the GCC market, enhancing its reach and capabilities.
Subsidiary Incorporation Details:
Company Communication:
In a letter addressed to the National Stock Exchange of India Limited, Kody Technolab Limited detailed the incorporation of their new subsidiary. The letter, signed by Managing Director Manav Patel, ensures compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Related Party Transactions:
The incorporation of KODY MIDDLE EAST HOLDING L.L.C.-FZ does not fall within the purview of related party transactions. None of the promoter group or group companies have any interest in the newly incorporated entity. Post incorporation, the subsidiary will be considered a related party.
Industry and Business Objectives:
The new entity will operate in the Information Technology (IT) industry, with a focus on areas including robotics. The formation of the subsidiary aims to align with the parent company's business objectives and facilitate market penetration in the GCC region.
Government and Regulatory Approvals:
The incorporation of KODY MIDDLE EAST HOLDING L.L.C.-FZ was approved by the Government of Dubai, United Arab Emirates. The entity is registered with the Meydan City Corporation, a Free Trade Zone in Dubai.
Shareholding and Control:
Kody Technolab Limited holds 75% of the shareholding in the newly formed subsidiary, with the remaining 25% held by Mr. Neeraj Kumar Srivastava. The parent company has subscribed to 750 shares at AED 100 per share.
The incorporation of KODY MIDDLE EAST HOLDING L.L.C.-FZ marks a significant step for Kody Technolab Limited in expanding its global presence. This strategic move is expected to enhance the company's market reach and operational capabilities in the GCC region.
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