63 Moons Technologies Limited's subsidiary, 63SATS Cybertech Limited, has successfully raised ₹180 crore through a private placement of equity shares, marking a significant financial move for the company.

Details of the Private Placement

According to a corporate announcement by 63 Moons Technologies Limited, 63SATS Cybertech Limited issued 18 crore equity shares with a face value of ₹1 each. The shares were placed at a premium of ₹9 per share, bringing the total placement value to ₹180 crore.

63 Moons' Stake in 63SATS Cybertech

The announcement also shed light on 63 Moons' investment in its subsidiary. The parent company currently holds 6,000 partly-paid Zero Coupon Unsecured Optionally Fully Convertible Debentures (ZOFCDs) of 63SATS Cybertech, with a face value of ₹1,00,000 each, amounting to ₹60 crore. Upon full payment and conversion of these ZOFCDs into equity shares, 63 Moons is set to hold 65.99 crore equity shares of ₹1 face value each in 63SATS Cybertech.

Recent Corporate Activities

In a separate development, 63 Moons Technologies Limited recently completed the sale of its Straight Through Processing Messaging Solution (STP-Gate Business Undertaking) to Synapsewave Innovations Private Limited. This transaction, which was executed on a slump sale basis, marks another strategic move by the company in reshaping its business portfolio.

Market Implications

The successful fundraising by 63SATS Cybertech through private placement indicates investor confidence in the company's prospects. This infusion of capital could potentially be used for expansion, technology upgrades, or other strategic initiatives within the cybertech sector.

For 63 Moons Technologies Limited, these developments - both the fundraising by its subsidiary and the divestment of its STP-Gate business - reflect ongoing efforts to optimize its corporate structure and focus on core growth areas.

Investors and market watchers will likely keep a close eye on how these funds are utilized by 63SATS Cybertech and the potential impact on the parent company's financial performance in the coming quarters.

63 moons technologies limited (formerly known as Financial Technologies India Ltd) has announced the successful completion of the sale of its STP-Gate Business Undertaking to Synapsewave Innovations Private Limited. The transaction, which was executed on a slump sale basis, marks a significant development for the company.

Transaction Details

The STP-Gate Business Undertaking, which has been divested, is a Straight Through Processing Messaging Solution. This technology enables brokers and fund houses to facilitate post-trade settlement of obligations efficiently. The completion of this sale indicates that all conditions precedent required for closing the transaction have been fulfilled.

Regulatory Compliance

In adherence to regulatory requirements, 63 moons technologies has duly informed the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) about the completion of this business divestiture. This disclosure is in line with Regulation 30 and other applicable regulations of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Timeline of Events

Company Statement

According to the LODR filing, Hariraj Chouhan, SVP & Company Secretary of 63 moons technologies limited, stated, "All the Conditions Precedent prior to Closing required to be performed or complied with by the Company have been complied with."

This strategic move by 63 moons technologies could potentially impact its business focus and financial structure. Stakeholders and market observers will likely be keen to see how this divestiture affects the company's future operations and financial performance.

As the technology landscape continues to evolve, such strategic decisions by companies in the fintech space are not uncommon. The sale of the STP-Gate Business Undertaking may allow 63 moons technologies to reallocate resources and focus on other core areas of its business.

Investors and industry analysts will be watching closely to see how both 63 moons technologies and Synapsewave Innovations leverage this transaction in their respective business strategies going forward.