On September 7, 2024, Rockingdeals Circular Economy Limited made a significant corporate announcement under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company revealed the incorporation of a new subsidiary, Sustainquest Private Limited (SQPL), effective from September 6, 2024. This move aligns with their strategy to diversify and enhance their business operations.

Sustainquest Private Limited is set to operate in the field of innovative digital products and services, focusing on consumer technology for managing services related to consumer durables, appliances, electronics, and retail sales through e-commerce platforms. The incorporation of this subsidiary represents a strategic effort by Rockingdeals Circular Economy Ltd to broaden its market presence and operational capabilities.

Key Details about the Subsidiary:

Name: Sustainquest Private Limited

CIN: U27500HR2024PTC124801

Authorized Capital: Rs. 1,00,000 divided into 10,000 equity shares of ₹10 each

Turnover: Not applicable as the entity was newly incorporated on September 6, 2024

The acquisition of Sustainquest Private Limited is classified as a related party transaction, given that it is a subsidiary of Rockingdeals Circular Economy Ltd. The company will fully subscribe to the share capital of the new entity through cash consideration. This strategic move is aimed at diversifying the business and expanding its footprint in the digital and e-commerce sectors.

Industry Focus:

Dealing with innovative digital products and services

Providing technology for managing consumer durables and electronics

Retail sale in non-specialized stores and wholesale trade via e-commerce

No governmental or regulatory approvals are required for this acquisition, and the process of incorporation was completed without complications. The new subsidiary will play a crucial role in Rockingdeals Circular Economy Ltd's strategy to become more agile and diversified.

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