Sancode Technologies has appointed Jerry A. Agnes as the Chief Executive Officer of its subsidiary, Sancode Semi Private Limited, effective October 15, 2026. The appointment aims to accelerate the operationalisation of the company's greenfield Outsourced Semiconductor Assembly and Test (OSAT) facility in Bhubaneswar.

Agnes will lead the setting up and ramp-up of the OSAT unit located at Info Valley II, Bhubaneswar, on a 20-acre site allotted by the Industrial Development Corporation of Odisha (IDCO). His responsibilities include facility design, equipment selection, process qualification, and transitioning the plant to commercial production. He will report directly to the Board of Directors of Sancode Semi.

Executive Background and Experience

Agnes is a semiconductor industry veteran with over 35 years of global leadership experience. He most recently served as the founding CEO and Director of CG Semi Private Limited from 2024 to 2026. At CG Semi, he scaled the organisation from a five-member founding team to over 300 employees, overseeing the construction and customer qualification of one of India's first OSAT facilities under the India Semiconductor Mission. The first manufacturing facility was completed within eight months of groundbreaking.

Prior to CG Semi, Agnes spent 25 years at Amkor Technology Philippines Inc., rising to the position of Country Manager and President. In this role, he held profit and loss responsibility for operations generating over $700 million in annual revenue. He managed a workforce of more than 10,000 employees serving 75 customers.

Career Timeline

Operational Focus

The appointment marks a critical step in Sancoide Technologies' expansion into semiconductor manufacturing. The Bhubaneswar facility is designed to support domestic chip assembly and testing needs. Agnes' prior experience in rapid facility deployment at CG Semi and large-scale operations management at Amkor positions him to oversee the complex transition from construction to commercial output.

The company disclosed this appointment under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Agnes holds a Bachelor of Science in Radio & Electronics Engineering from FEATI University, Manila, Philippines. He is not related to any director or key managerial personnel of the company or its subsidiaries.

Sancode Technologies Limited saw a significant shift in its shareholding pattern as North Star Opportunities Fund VCC-Lighthouse Capital Incorporated VCC Sub-Fund acquired a 8.94% equity stake. The acquisition involved the credit of 6,66,667 equity shares pursuant to the conversion of warrants into equity shares through a preferential issue.

The transaction was executed on September 30, 2026, with the formal disclosure submitted to BSE Limited on October 5, 2026. The investment was made through the Foreign Direct Investment (FDI) route, marking the fund's entry into the company's promoter group as a non-promoter entity.

Acquisition Details

The disclosure filed under Regulation 29(1) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, outlines the specifics of the shareholding change. Prior to this acquisition, North Star Opportunities Fund held no shares or voting rights in the company. The conversion of warrants resulted in an immediate holding of 6,66,667 shares carrying voting rights.

The total equity share capital of the target company increased from 40,68,867 shares to 74,55,560 shares following the allotment. The total diluted share capital, assuming full conversion of outstanding convertible securities, stands at 75,05,560 equity shares of face value ₹10 each.

Regulatory Compliance and FDI Route

The fund confirmed that it does not belong to the promoter or promoter group category. The mode of acquisition was explicitly stated as the conversion of warrants into equity shares by way of a preferential issue. This method of entry allows institutional investors to increase their stake without participating in open market purchases, often at a predetermined price agreed upon during the warrant issuance.

What the Numbers Show

A key observation from the filing is the divergence between the percentage of total share capital and the percentage of diluted share capital. The fund holds 8.94% of the total voting capital but 8.88% of the diluted capital. This difference indicates that there are other outstanding convertible securities or warrants in the company that have not yet been converted into equity. As these instruments convert, the relative ownership percentage of existing shareholders, including North Star Opportunities Fund, may undergo slight dilution unless they participate in further conversions.