Sancode Technologies Ltd shares rose nearly 2% on Thursday, September 25, after the company announced a strategic move into the semiconductor space.
In a filing to the BSE, the company disclosed that it has incorporated a new subsidiary — Sancode Semi Private Limited, in which it holds a 99.99% stake.
The new entity has been established with an authorised capital of ₹10 lakh and a paid-up share capital of ₹1 lakh. Its core business will involve manufacturing, designing, developing, assembling, importing, exporting, and selling semiconductors, integrated circuits, microchips, and related electronic components. Additionally, it will focus on research and development activities to enhance product quality and performance.
The company said this acquisition is aimed at strategic investment and venturing into new avenues, particularly to capture growth opportunities in the semiconductor and microchip business. The incorporation was carried out through cash subscription, with Sancode acquiring 9,999 equity shares worth ₹99,990.
This marks a significant diversification step for the Mumbai-headquartered IT services player, as India looks to expand domestic semiconductor capabilities.
