Ace Software Exports Limited announced that at its board meeting held on June 5, 2024, the shareholders approved Incorporation of a wholly owned subsidiary of the Company under the name "AQE Techtools Private Limited" or any other name as may be decided by the management of the Company and as approved by the statutory authorities. Proposed Authorized Capital is INR 100,000/-. Proposed Paid Up Capital is INR 100,000/-.

Objects and impact of acquisition (including but not limited to, disclosure of reasons for acquisition of target entity, if its business is outside the main line of business of the listed entity): The proposed company to be incorporated as wholly owned subsidiary of the Company in India, will be carrying the business of development of cutting-edge digital products, including software, web, mobile, and SaaS-based solutions. It will primarily focus on serving the engineering, manufacturing, retail, and healthcare sectors. Leveraging next-generation technologies (such as AI/ML, Data Analytics, Industry automation, and more), the proposed company will aim to deliver high-quality, scalable solutions that optimize operational efficiency and foster significant business growth.

Cost of acquisition and/or the price at which the shares are acquired: The proposed wholly owned subsidiary will be incorporated with an initial subscription of INR 100,000/- i.e., 10,000 Equity shares of face value of 10/- each. Percentage of shareholding /control acquired and /or number of shares acquired: 100% of the Share Capital post incorporation.