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(23 Dec 2024, 11:31)

RattanIndia Enterprises proposes further investment in Neorise by way of conversion of loan

The board of directors of RattanIndia Enterprises in its meeting held today has approved to increase the investment of the Company in Neorise Technologies FZCO (Neorise), UAE, a wholly-owned subsidiary company of the Company, in equity from AED 1 million to AED 5 million, in one or more tranches, by way of subscribing new shares, including conversion of the loan of AED 2 million, earlier granted by the Company to Neorise, subject to the compliance of the applicable laws. Post acquisition of the shares by the Company, Neorise will remain the wholly owned subsidiary company of the Company.
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