Madala Holdings Ltd
Board Meeting Outcome for Board Of Directors Accorded Its Approval For Formation Of A New Wholly-Owned Subsidiary Company (WOS) With The Intent To Demerge And Vesting Of The Software Business Of The Company To The Newly Incorporated WOS.
04:04 PM, 4th Aug 2023
Pursuant to the provisions of Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 we hereby wish to inform you that the Board of Directors (the Board) of SoftSol India Limited (the Company) at its meeting held today i.e. on August 04 2023 inter alia accorded its approval for formation of a new wholly-owned subsidiary company (WOS) in the name and style M/s. SoftSol Tech Limited or M/s STI Limited or any other names as may be approved by the CRC Ministry of Corporate Affairs. The incorporation of the WOS is with the intent to demerge and vesting of the Software Business of the Company to the newly incorporated WOS.In accordance with the SEBI Master Circular SEBI/HO/CFD/PoD2/CIR/P/2023/120 dt. July 11 2023 the other required details w.r.t. WOS will be intimated after the incorporation of WOS; and the other required details w.r.t. demerger will be intimated once the Board discuss and approve the same.