Service Industries allows its subsidiary to invest Rs100mn in Jomo Technologies

By MG News | June 10, 2022 at 04:03 PM GMT+05:00

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June 10, 2022 (MLN): The board of directors of Service Industries Limited (SRVI) has allowed its wholly-owned subsidiary Service Industries Capital Pvt Limited (SICL) to invest the funds amounting to Rs100 million to be provided by SRVI, in Jomo Technologies Pvt Limited.

In a notice to exchange, the company said that the funds to be provided by SRVI to its wholly-owned subsidiary SICL as long-term equity investment amounting to Rs100 Million shall be applied by SICL towards investment in its associated company, Jomo Technologies (Private) Limited.

The investment will be made by way of a working capital loan facility with or without any conversion option instead of making investments in securities, listed or otherwise, of associated or other companies, the notice said.

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