Belding India Limited submitted a corrigendum to its Postal Ballot Notice dated July 22, 2026, pursuant to Regulation 30 of the SEBI Listing Regulations. The corrigendum provides additional disclosures for five proposed related party transactions between the company's wholly-owned subsidiary Evolve IT Solutions Private Limited and various related entities.

Key Proposed Transactions

1. Evolve with Metafin Technology Private Limited

  • Transaction Type: Purchase of goods/materials/services
  • Amount: ₹10,00,00,000 (Ten Crore)
  • Tenure: 1 year (April 1, 2026 to March 31, 2027)
  • Material RPT: Yes
  • Percentage of listed entity's consolidated turnover: 35,714.29%
  • Percentage of Evolve's standalone turnover: 4,803.42%
  • Metafin's FY 2025-26 financials: Turnover ₹41,38,065, Loss after tax ₹(3,17,20,740), Net worth ₹(1,54,07,750)
  • Relationship: Fellow subsidiary under same management
  • Directors with interest: Mr. Abhishek Narbaria (MD) and Mr. Rajdeep Kishor Gajjar (CFO) are directors in Metafin

2. Evolve with TCC Concept Limited

  • Transaction Type: Purchase of brokerage services
  • Amount: ₹5,00,00,000 (Five Crore)
  • Tenure: 1 year (April 1, 2026 to March 31, 2027)
  • Material RPT: Yes
  • Percentage of listed entity's consolidated turnover: 17,857.14%
  • Percentage of Evolve's standalone turnover: 2,401.71%
  • TCC's FY 2025-26 financials: Turnover ₹63,27,25,000, Profit after tax ₹41,07,78,000, Net worth ₹14,79,09,21,000
  • Relationship: Entity under same management
  • Directors with interest: Mr. Umesh Kumar Sahay (Chairperson, 27.15% shareholding), Mr. Abhishek Narbaria (MD, 12.82% shareholding), Mr. Nikhil Dilipbhai Bhuta (Director, 0.36% shareholding)

3. Evolve with Pepcart Logistics Private Limited

  • Transaction Type: Purchase of logistics services
  • Amount: ₹5,00,00,000 (Five Crore)
  • Tenure: 1 year (April 1, 2026 to March 31, 2027)
  • Material RPT: Yes
  • Percentage of listed entity's consolidated turnover: 17,857.14%
  • Percentage of Evolve's standalone turnover: 2,401.71%
  • Percentage of Pepcart's turnover: 9.57%
  • Pepcart's FY 2025-26 financials: Turnover ₹52,24,44,609, Profit after tax ₹91,67,354, Net worth ₹11,06,24,818
  • Relationship: Entity under same management

4. Evolve with EFC (I) Limited

  • Transaction Type: Sale of goods (₹10 crore) and Purchase of Design & Build Turnkey and EPC services (₹5 crore)
  • Total Amount: ₹15,00,00,000 (Fifteen Crore)
  • Tenure: 1 year (April 1, 2026 to March 31, 2027)
  • Material RPT: Yes
  • Percentage of listed entity's consolidated turnover: 53,571.43%
  • Percentage of Evolve's standalone turnover: 7,205.13%
  • EFCIL's FY 2025-26 financials: Turnover ₹1,19,88,07,000, Profit after tax ₹12,58,94,000, Net worth ₹5,44,01,10,000
  • Relationship: Entity under same management
  • Directors with interest: Mr. Umesh Kumar Sahay (Chairperson, 38.74% shareholding), Mr. Abhishek Narbaria (MD, 20.53% shareholding), Mr. Nikhil Dilipbhai Bhuta (Whole-Time Director)

5. Evolve with EFC Limited

  • Transaction Type: Purchase of services (renting managed office space)
  • Amount: ₹1,00,00,000 (One Crore)
  • Tenure: 1 year (April 1, 2026 to March 31, 2027)
  • Material RPT: Yes
  • Percentage of listed entity's consolidated turnover: 3,571.43%
  • Percentage of Evolve's standalone turnover: 480.34%
  • Percentage of EFCL's turnover: 0.19%
  • EFCL's FY 2025-26 financials: Turnover ₹5,38,75,33,710, Profit after tax ₹97,97,21,608.46, Net worth ₹2,09,87,75,442.91
  • Relationship: Entity under same management
  • Director with interest: Mr. Nikhil Dilipbhai Bhuta (Director)

Transaction Justification

All transactions are proposed to be undertaken in the ordinary course of business on an arm's length basis to support operational and business requirements of the Group. The company states these transactions will leverage complementary capabilities, enhance operational efficiency, optimize resource utilization, and create operational synergies.

Pricing Determination

The price/consideration for all transactions is determined based on prevailing market prices, cost benchmarks, scope and nature of goods/services, volume, quality specifications, delivery timelines, and other relevant commercial terms.

Governance Aspects

  • No bidding process was applied for choosing related parties
  • No trade advances proposed
  • No valuation or external party reports required
  • All transactions require omnibus approval
  • The Audit Committee will review these transactions

Document Distribution

The corrigendum is being sent electronically to all members whose email addresses are registered and made available on the websites of the company (www.belding.ltd), registrar (www.purvashare.com), and BSE Limited (www.bseindia.com).