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Neorise Technologies FZCO (Neorise) is a wholly owned subsidiary of RattanIndia Enterprises, incorporated in Dubai on 27 December, 2021. The primary business of Neorise includes management consultancies, project management services and investment in commercial enterprises and management. The company will inject additional funds into Neorise, increasing its equity from AED 1 million to AED 5 million. The investment will be made in one or more tranches, including the conversion of an existing loan of AED 2 million previously granted to Neorise. The fund infusion is subject to compliance with applicable laws in both India and the UAE. The exact price for the subscription of shares in Neorise will be decided at the time of subscription, based on the valuation of Neorise, subject to the applicable laws in India/U.A.E. The primary reason of investment is to meet the fund requirement of Neorise at no cost. Neorise is in process to commence its business operation in general trading and e-commerce activities. The company currently holds 100% of Neorise's shares and the acquisition process is expected to take 2 to 3 months, pending any statutory approvals. The proposed investment, by way of conversion of loan into shares, fall within related party transactions, as Neorise is a wholly owned subsidiary company and the necessary approval of the Audit committee of REL has been obtained. The proposed investment in Neorise is made at an arms' length basis. The official announcement was made on Saturday, 21 December 2024. Rattanindia Enterprises is primarily engaged in the business of investing in technology-focused new-age businesses, including e-commerce, electric vehicles, fintech and drones, through its group companies. The company reported a consolidated net loss of Rs 241.27 crore in Q2 FY25 as against a net profit of Rs 140.89 crore posted in Q2 FY24. Revenue from operations jumped 11.5% YoY to Rs 1,800.62 crore in the quarter ended 30 September 2024. The scrip slipped 1.63% to Rs 65.60 on the BSE. Powered by Capital Market - Live News |