Main Disclosure – Business Transfer Completion

Transaction Overview

AXISCADES Technologies Limited and its subsidiaries (Epcogen Private Limited, AXISCADES UK Limited, and AXISCADES Inc.) have completed the transfer of their Engineering Services business in Heavy Engineering, Automotive, and Energy sectors ("Transferred Business") to Akkodis India Private Limited, Akkodis UK Limited, and Akkodis Inc. respectively. The transfer was completed on October 1, 2026, following the fulfillment/waiver/deferment of conditions precedent on September 30, 2026.

Amendment Agreement Details

The parties executed an Amendment Agreement on September 25, 2026, to amend certain commercial and operational terms of the Business Transfer Agreement and Master Framework Agreement originally executed on May 26, 2026 (collectively "Transaction Documents").

Significant Terms of Amendment

The Amendment Agreement revised several key terms:

  • Reference date for applicable foreign exchange rate
  • Revised payment and holdback arrangements from the purchase consideration
  • Temporary holdback of USD 3,314,216 (USD Three Million Three Hundred Fourteen Thousand Two Hundred Sixteen) from Closing Date pending transfer of certain business contracts
  • Subsidiaries received USD 11,760,000 on the Closing Date
  • Holdback amounts to be released upon fulfillment of conditions regarding business contracts and facility
  • Repayment of an existing facility and releasing related encumbrances post-closing
  • Indemnity provisions relating to specified liabilities

Financial Considerations

The Amendment Agreement does not alter the overall transaction value previously disclosed in the company's intimation dated May 26, 2026. The commercial structure of the transaction remains unchanged.

Counterparty/Buyer Information

Buyers: Akkodis India Private Limited, Akkodis UK Limited, and Akkodis Inc.

The buyers do not belong to the promoter/promoter group/group companies of AXISCADES Technologies Limited.

Related Party Status

The transaction does not qualify as a related party transaction and was executed at arm's length.

Other Disclosures

No other disclosures are present in the document.