Quantum Magnetics Private Limited announced that the Company has incorporated a Wholly Owned Subsidiary Company named "QUANTUM Magnetics Private Limited" on May 31, 2023. Quantum Magnetics Private Limited is incorporated as a Wholly Owned Subsidiary of Permanent Magnets Limited on May 31, 2023. Authorized Share Capital: INR 5,00,000/- Paidup Share Capital: INR 500,000/- Size/Turnover: Not applicable (yet to commence business operations).

Permanent Magnets Limited ("the company") is the Promoter of Quantum Magnetics Private Limited and being a Wholly Owned Subsidiary it is a related party of the Company. Save and except above, the promoter /promoter group /group companies are not interested in the transaction. Manufacturing, Assembling, dealing and Export in neodymium magnets and related products.

The wholly owned subsidiary is incorporated to carry on the business in India or elsewhere as buyer, sellers, manufacturers, importers, exporters, distributors, dealers in neodymium magnets and related products. The business of Wholly owned subsidiary is in line with the main line of business of the Company. Cash consideration by way of acquisition of Equity Shares.

The Company has subscribed to 50,000 Equity Shares of INR 10/each aggregating to INR 500,000/.