Diamond Power Infrastructure Ltd Expands with New Subsidiary: DICABS Nextgen Special Alloys Pvt Ltd

On June 26, 2024, Diamond Power Infrastructure Limited announced to the stock exchanges that it had successfully incorporated its wholly-owned subsidiary, DICABS Nextgen Special Alloys Private Limited. The Registrar of Companies, Ministry of Corporate Affairs, Govt. of India, issued the Certificate of Incorporation for this subsidiary on June 26, 2024.

The acquisition of DICABS Nextgen Special Alloys Private Limited does not constitute a related party transaction. There is no involvement of the promoter, promoter group, or group companies in this transaction.

Objective of Acquisition

The objectives of acquiring DICABS Nextgen Special Alloys Private Limited include manufacturing wire rods, wire drawing, strip drawing, sheet rolling, processing, rewinding, cables, conductors, and related machinery, equipment, components, tools, and accessories.

Details Of The Acquisition

• Nature of consideration: The consideration for this subscription was in the form of cash.
• Cost of acquisition: The subscription price for 100% of the Equity Shares of DICABS Nextgen Special Alloys Private Limited was ₹10/- per share, totalling ₹3,000/-.
• Percentage of shareholding: Diamond Power Infrastructure Limited now holds 100% of the share capital of DICABS Nextgen Special Alloys Private Limited.

About DICABS Nextgen Special Alloys Private Limited

DICABS Nextgen Special Alloys Private Limited was incorporated on June 26, 2024, under the provisions of the Companies Act 2013. This newly established entity operates as a wholly-owned subsidiary of Diamond Power Infrastructure Limited. DICABS Nextgen Special Alloys Private Limited operates within the manufacturing industry. However, it has not yet commenced its business operations as freshly incorporated.

About Diamond Power Infrastructure Ltd

Diamond Power Infrastructure Limited, established in 1970 by Mr S N Bhatnagar, is led by him as Chairman and is a pioneer in India’s power transmission and distribution sector. Today, Diamond Power Infrastructure offers comprehensive power transmission and distribution solutions, including turnkey services. Its product range includes power cables up to 550KV, power and distribution transformers up to 220KV, transmission and distribution conductors up to 765KV, and transmission towers.

On June 27, 2024, Diamond Power Infrastructure Ltd’s share price opened at ₹1,269.25, touching the day’s high of ₹1,269.25 as of 12:24 PM on the NSE.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.