Phantom Digital Effects Limited at its board meeting held on May 29, 2024 approved Incorporation of a wholly owned subsidiary as part of expansion of business, in Bangalore, in the State of Karnataka. The new entity upon its incorporation will be a direct wholly-owned subsidiary of the Company. Industry to which the entity being acquired belongs: Same as the Company viz., media and entertainment industry focusing on VFX.

The Company will own 100% of the shareholding in the new entity upon its incorporation.