Digispice Applied sciences on Monday stated its subsidiary Spice Cash has roped in bollywood actor Sonu Sood as its model ambassador in return for a minority fairness stake. “Spice Cash Ltd (previously generally known as Spice Digital Restricted) (SML), a wholly-owned subsidiary of the corporate… has appointed Sonu Sood as model ambassador via Sood Infomatics (SIL) for a money consideration for a interval of three years,” Digispice Applied sciences stated in a regulatory submitting.
As per the settlement, SIL has agreed to subscribe 8,69,030 class B fairness shares of Rs 10 every of Spice Cash Ltd (approx 2 % of the current share capital of SML), topic to the required approval(s) as required for concern and allotment of the category B fairness shares, the corporate added. Digispice Applied sciences stated these Class B fairness shares can be partly paid up initially and can change into totally paid up over a interval of three years as per the agreed schedule.
On profitable efficiency by SIL and Sood of their obligations and upon the achievement of the milestones and supply of the deliverables and upon concern of additional Class B fairness shares as agreed between all events, the ultimate stake of SIL in Spice Cash could end in possession of Class B fairness shares of as much as roughly 5 % of the current paid-up share capital of Spice Cash. Class B shares sometimes have decrease dividend precedence than Class A shares and fewer voting rights.
Spice Cash in an announcement stated it has joined fingers with Sonu Sood to attain their mutual imaginative and prescient to digitally and financially empower 1 crore rural entrepreneurs.
Sood has been actively serving to folks in want within the remotest corners of the nation because the outbreak of the COVID-19 pandemic.
“As a part of the affiliation, Sonu Sood will personal fairness stake within the firm and has been appointed as a non-executive advisory board member. Spice Cash will ideate collectively with Sood to design new initiatives and merchandise that can bridge the divide between rural and concrete India,” the corporate stated.
Spice Cash stated it can additionally allow choose present applications developed by Sood through the lockdown, to be made accessible on the Spice Cash platform.
As a non-executive advisory board member Sood will contribute in constructing the community of entrepreneurs, whereas encouraging monetary inclusion and digital empowerment in rural India.
Consequently, Spice Cash shall stop to be a wholly-owned subsidiary of the corporate however will proceed to be a subsidiary firm, Digispice Applied sciences stated.
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