Dixon Tech JV allots fresh equity shares to company and Beetel; Stock trades higher

10 Jan 2022 , 11:17 AM

Dixon Technologies (India) Limited informed the exchanges Saturday with regard to Joint Venture Agreement entered into between Dixon, Beetel Teletech Limited, and Dixon Electro Appliances Private Limited (JV Company) on November 9, 2021.

As part of the Joint Venture Agreement and share subscription agreement, the JV Company shall be 51% owned by Dixon and 49% owned by Beetel. Consequently, the JV Company has allotted fresh equity shares to Dixon and Beetel on January 7, 2022.

Upto January 7, 2022, Dixon was holding 100% equity share capital of the JV Company i.e. 10,000 equity shares of Rs10/- each and 4,08,00,000 Redeemable Preference Shares of Rs10/- each.

With effect from January 7, 2022, Dixon will have 51,000 equity shares and Beetel 49,000 equity shares. Dixon will continue to have Redeemable Preference Shares having face value of Rs10/- each 4,08,00,000.

At around 11.20 am, Dixon Technologies (India) Ltd was trading at Rs5,339.05 per piece up by Rs42.15 or 0.8% from its previous closing of Rs5,296.90 per piece on the BSE.