Wardwizard Innovations & Mobility Limited disclosed an important development following its Board of Directors meeting on August 12, 2024. The company has approved an investment of up to SGD 100,000 (One Lakh Singapore Dollars) in its wholly-owned subsidiary, Wardwizard Global PTE. LTD., through Overseas Direct Investment (ODI). This investment will be made by subscribing to or acquiring additional equity shares in one or more tranches, in compliance with applicable laws.
Wardwizard Global PTE. LTD., a Singapore-based wholly-owned subsidiary of Wardwizard Innovations & Mobility Limited, is set to receive the investment to support its working capital and other general activities. As of March 31, 2024, the subsidiary has a paid-up capital of SGD 10,000 and reported a turnover of SGD 664,517.
The investment falls under related party transactions and will be executed at arm’s length. The funds will be allocated for routine expenses and operational needs of Wardwizard Global PTE. LTD. The company plans to complete this issuance process within 12 months, either in a single or multiple tranches.
The investment requires compliance with regulatory approvals as per the prevailing laws in Singapore and India. The acquisition involves purchasing shares at a face value of SGD 1 each. The post-investment shareholding structure will be communicated once the transaction is finalized.
Wardwizard Global PTE. LTD., incorporated on August 19, 2022, focuses on manufacturing secondary batteries and assembling motor vehicles. The company is expected to benefit from this financial infusion, reinforcing its operational capabilities.
