3i Infotech Incorporation of wholly-owned step-down subsidiary namely “NuRe EdgeTech Inc.

In continuation to our letter dated February 2, 2023 pertaining to outcome of the board meeting giving information regarding approval of the Board of Directors of the Company for incorporation of wholly-owned step-down subsidiary in USA, we wish to inform you that the Company has received an intimation on March 30, 2023 from NuRe Infotech Solutions Pte. Limited, wholly-owned subsidiary of the Company based in Singapore, that NuRe EdgeTech Inc., its wholly-owned subsidiary has been incorporated in USA on March 28, 2023. This subsidiary is a corporation limited by stock and is a direct wholly-owned subsidiary of “NuRe Infotech Solutions Pte. Limited”.

 

The details as required under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI Circular No. CIR/CFD/CMD/4/2015 dated September 9, 2015 are given in Annexure A to this letter.   

                                                            Annexure A

 

Sr. No.	Particulars							Details
1	Name of the target entity, details in brief such as size, turnover etc.							NuRe EdgeTech Inc.   Turnover: Not applicable since this is newly incorporated Company.
2	Whether the acquisition would fall within related party transaction(s)and whether the promoter/ promoter group/ group companies have any interest in the entity being acquired? If yes, nature of interest and details thereof and whether the same is done at “arms length”							NuRe EdgeTech Inc. is a direct wholly- owned subsidiary of NuRe Infotech Solutions Pte. Ltd., a wholly-owned subsidiary of the Company based in Singapore.   Initial subscription by the wholly-owned subsidiary mentioned above does not fall within related party transactions.
3	Industry to which the entity being acquired belongs							Information Technology products
4	Objects and effects of acquisition (including but not limited to, disclosure of reasons for acquisition of target entity, if its business is outside the main line of business of the listed entity)							To engage into business in USA.	EdgeTech	related
5	Brief details of any governmental or regulatory approvals required for the acquisition.							Not Applicable
6	Indicative acquisition.	time	period	for	completion	of	the	Not Applicable
7	Nature     of    consideration    –    whether     cash consideration or share swap and details of the same.							Cash
8	Cost of acquisition or the price at which the shares are acquired.							$    100    (USD) contribution	as    Share	Capital
9	Percentage of shareholding/ control acquired and/ or number of shares acquired.							NuRe Infotech Solutions Pte. Ltd., a wholly-owned subsidiary of the Company based in Singapore owns 100% of the shareholding in the new entity viz. NuRe EdgeTech Inc.
10	Brief background about the entity acquired in terms of products/line of business acquired, date of incorporation, history of last 3 years turnover, country in which the acquired entity has presence and any other significant information (in brief).							Not Applicable