Le Travenues Technology Limited (Ixigo) has approved an investment of €219,200 in its wholly owned Singapore subsidiary, IXIGO PTE. LTD., which will subsequently extend an optionally convertible loan of the same amount to its Spanish associate Squad As Service, S.L. (Sqaas).
The company disclosed the development through a voluntary filing with the BSE and NSE, even though the transaction is below the materiality threshold prescribed under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Investment Through Singapore Subsidiary
The Board of Directors of Ixigo approved an investment of €219,200 by subscribing to 219,200 ordinary shares of €1 each in IXIGO PTE. LTD., its wholly owned subsidiary incorporated in Singapore.
Following the capital infusion, the board of IXIGO PTE approved the grant of an optionally convertible loan of €219,200 to Squad As Service, S.L. (Sqaas), an associate company based in Spain.
The loan will be extended under the terms of a Convertible Loan Agreement, subject to necessary regulatory and corporate approvals.
No Change in Ownership at Present
Ixigo clarified that the proposed transaction does not currently result in any acquisition of shares or voting rights in Sqaas.
Although the loan carries an option to be converted into equity at a future date:
- No conversion has taken place.
- No equity shares have been issued or allotted.
- There is no change in the existing shareholding or control of Sqaas.
The company added that any future conversion will be evaluated based on the prevailing facts and applicable regulations, and additional disclosures will be made if required.
Voluntary Disclosure
Ixigo noted that the financial assistance is below the quantitative materiality threshold under SEBI’s Listing Regulations. However, the company chose to disclose the transaction voluntarily in the interest of transparency.
Key Highlights
- Company: Le Travenues Technology Limited (Ixigo)
- Investment: €219,200
- Recipient: IXIGO PTE. LTD. (Singapore, wholly owned subsidiary)
- Purpose: Funding an optionally convertible loan
- Loan Amount: €219,200
- Borrower: Squad As Service, S.L. (Spain)
- Nature: Optionally Convertible Loan
- Current Status: No equity conversion; no change in ownership or control
- Disclosure: Voluntary under SEBI Listing Regulations
