Josts Engineering Co. Ltd. — Capital/Financing Update 2023

Jun 21, 2023

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21[st] June, 2023

To, The Secretary, BSE Ltd., Phiroze Ieejeebhoy Towers, Dalal Street, Mumbai- 400001

Scrip Code- 505750 Sub: Intimation of investment in Wholly Owned Subsidiary Company i.e. Josts Engineering Inc.

Dear Sir/Madam,

Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 [SEBI (LODR)], we would like to inform that the Board of Directors at their meeting held on 12[th] May, 2022 had approved incorporation of Wholly Owned Subsidiary Company outside India with an initial investment of INR 5,00,000/- (INR Five Lakhs Only). Thereafter, Board of Directors in their meeting held on 14[th] November, 2022, had approved the additional investment of INR 50,00,000/- (INR Fifty Lakhs Only) by way of subscription/acquisition of equity shares of Josts Engineering Inc. in USA, Wholly Owned Subsidiary of the Company, in one or more tranches.

Out of the aforesaid approved investment, the Company has invested USD 15,000.00 equivalent INR 12,37,500/- (Rupees Twelve lacs Thirty seven thousand five hundred only) for acquiring 15000 Equity shares of Josts Engineering Inc. on 20[th] June, 2023.

The details required under the Regulation 30 of SEBI(LODR) Regulations, 2015 read with SEBI Circular No. CIR/CFD/CMD/4/2015 dated 9[th] September, 2015, are enclosed as Annexure-A.

This is for your information and records.

Thanking You,

Yours Faithfully,

For Jost’s Engineering Company Limited

Babita Digitally signed by Babita Kumari Date: 2023.06.21 Kumari 14:44:37 +05'30'

Babita Kumari Company Secretary M. No.: A40774

Encl: As above

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Annexure-A

		Annexure-A
Sr. No	Particulars	Details
1	Name of the target entity, details in brief such as size, Turnover etc	Josts Engineering Inc. is incorporated as a Wholly Owned Subsidiary of the Company on 28thJune, 2022. Size/Turnover: Not Applicable (yet to commence operations)
2	Whether the acquisition would fall within related party transaction(s) and whether the promoter/ promoter group/ group companies have any interest in the entity being acquired? If yes, nature of interest and details thereof and whether the same is done at 'arm's length".	Josts Engineering Inc. is promoted by Jost’s Engineering Company Limited (“the Company”) and being a Wholly Owned Subsidiary, is a related party of the Company. The Subsidiary Company is a related party of the Company. One promoter directors of Jost’s Engineering Company Limited is director of Josts Engineering Inc. The Company has also taken prior approval of the Audit Committee. The proposed investment in Wholly Owned Subsidiary Company is at arm’s length basis.
3	Industry to which the entity being acquired belongs.	Trading and Services of Engineering and Material HandlingProducts
4	Objects and effects of acquisition including but not limited to, disclosure of reasons for acquisition of	NA

Babita Digitally signed by Babita Kumari Kumari Date: 2023.06.21 14:45:24 +05'30'

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	target entity if its business is outside the main line of business of target entity.
5	Brief details of any governmental or regulatory approvalsrequiredforthe acquisition.	NA
6	Indicative time period for completion of the acquisition.	Within three months subject to regulatory approvals.
7	Nature of consideration - whether cash consideration or share swap and details of the same.	Cash consideration
8	Cost of acquisition or the price at which the shares are acquired.	Initial investment of USD 15,000.00 equivalent amount in INR 12,37,500/- @ 1 USD per share.
9	Percentage of shareholding control acquired and /or numberofshares acquired.	100%
10	Brief background about the entity acquired in terms of product/line of business acquired, date of incorporation, history of last 3 years turnover, country in which the acquired entity has presence and any other significant information.	Josts Engineering Inc. was incorporated on 28thJune, 2022, as a Wholly Owned Subsidiary of the Company in USA. History/ Turnover- Not Applicable Josts Engineering Inc. was incorporated in USA and is yet to commence its operations.

Babita Digitally signed by Babita Kumari Date: Kuma 2023.06.21 ri 14:45:03 +05'30'