Dixon Tech holds 40% stake in JV after restructuring as per agreement with Rexxam

24 Mar 2022 , 09:45 AM

Dixon Technologies (India) Limited informed the exchanges Wednesday the Joint Venture Company has allotted fresh equity shares to the company and Rexxam Co. Ltd. on March 23, 2022, consequently, the JV Company, which is presently a Wholly owned subsidiary of Dixon, shall be 40% owned by Dixon and 60% owned by Rexxam.

Dixon, Rexxam Co. Ltd. and Rexxam Dixon Electronics Private Limited (formerly known as Dixon Devices Private Limited) had entered into Joint Venture Agreement on January 12, 2022.

At around 9.45 am, Dixon Technologies (India) Ltd was trading at Rs4,393.30 per share up by Rs9.35 or 0.21% from its previous closing of Rs4,383.95 per share on the BSE.

“The restructuring of the JV Company pursuant to terms of the aforesaid Agreements, has been effected with effect from March 23, 2022,” company said.

Till date, Dixon was holding 100% equity share capital of the Company i.e. 10,000 Equity Shares (having face value of Rs10/- each). Now Dixon holds 60 lakh equity shares in JV and Rexxa holfs 90 lakh equity shares in JV.