Spice Lounge Food Works Limited , formerly known as Shalimar Agencies Limited, has announced a significant move to bolster its global presence in the IT and technology sector. The company's Board of Directors has approved an investment of up to $5.00 million in its wholly owned US subsidiary, Teksoft Systems INC.

Investment Details

The decision was made during a board meeting held on September 24, 2025, at the company's registered office. The investment, which aims to strengthen Spice Lounge Food Works' global IT and technology presence, will be made in one or more tranches, adhering to various regulatory requirements including the Companies Act, 2013, FEMA, RBI regulations, and SEBI LODR Regulations, 2015.

About Teksoft Systems

Teksoft Systems INC, incorporated in the United States, is a wholly owned subsidiary of Spice Lounge Food Works. The subsidiary specializes in IT consulting, software development, and related services. This investment is expected to enhance the company's IT and technology solutions capabilities while supporting its expansion in the overseas market.

Strategic Implications

The move underscores Spice Lounge Food Works' commitment to strengthening its global footprint and capitalizing on the growing demand for IT services in international markets. By investing in Teksoft Systems, the company aims to:

• Enhance its global presence in the IT sector
• Improve its technology solutions capabilities
• Support expansion in overseas markets
• Cater to the increasing international demand for IT consulting and software development services

Regulatory Compliance

The company has emphasized that this investment does not fall within related party transactions. Furthermore, the promoters, promoter group, and group companies do not have any interest in Teksoft Systems INC beyond their interest through Spice Lounge Food Works Limited.

This strategic investment marks a significant step for Spice Lounge Food Works as it seeks to leverage its US subsidiary to capture a larger share of the global IT and technology market.

Spice Lounge Food Works Limited , formerly known as Shalimar Agencies Limited, has announced a crucial board meeting scheduled for September 24, 2025. The meeting, set to take place at the company's registered office at 3:30 PM, will focus on a significant proposal for Overseas Direct Investment (ODI) in its Wholly Owned Subsidiary, Teksoft Systems INC, based in the United States.

Proposed Investment Details

The board will consider and potentially approve an investment of up to USD 5.00 million (approximately ₹41.50 crore) in Teksoft Systems INC. This strategic move is planned to be executed in one or more tranches, subject to compliance with various regulatory requirements.

Regulatory Compliance

The company has emphasized that the proposed investment will adhere to applicable regulations, including:

• Companies Act, 2013
• Foreign Exchange Management Act (FEMA)
• Reserve Bank of India (RBI) regulations
• Securities and Exchange Board of India (SEBI) Listing Obligations and Disclosure Requirements (LODR) Regulations, 2015

Corporate Governance

In line with its commitment to transparency and regulatory compliance, Spice Lounge Food Works Limited has made this announcement in accordance with Regulation 29(1)(d) and other applicable provisions of the SEBI (LODR) Regulations, 2015. The company has assured stakeholders that further details regarding the outcome of the board meeting will be disclosed following the conclusion of the meeting.

Recent Board Appointments

It's worth noting that this announcement comes on the heels of recent changes to the company's board of directors. On September 19, 2025, Spice Lounge Food Works Limited appointed two new Additional Independent Directors:

1. Mr. Uday Kiran Devineni (DIN: 01920226)
2. Mr. Naresh Thaluru (DIN: 11292446)

Both directors have been appointed for a term of five consecutive years, subject to shareholder approval at the upcoming General Meeting.

Company Background

Spice Lounge Food Works Limited, with its registered office in Hyderabad, Telangana, operates under the CIN: L151226TG1981PLC114084. The company is listed on multiple stock exchanges, including BSE Limited, Metropolitan Stock Exchange of India Limited, and The Calcutta Stock Exchange Limited.

As the company prepares for this significant board meeting, investors and market watchers will be keenly awaiting the outcome and its potential impact on Spice Lounge Food Works Limited's international expansion strategy.