HGS Subsidiary IMCL Divests Two Step-Down Subsidiaries

Date: September 9, 2026

Entity Involved: Bhima Riddhi Infotainment Private Limited
Stake Divested: Entire 51% shareholding by IMCL (subsidiary of HGS)
Approval Date: September 8, 2026
Financial Contribution (FY2026):
Turnover: ₹99.80 Crores (2.31% of HGS consolidated income)
Net Worth: ₹19.26 Crores (0.23% of HGS consolidated net worth)
Transaction Structure:
Sale of 30.60% shares (3,12,240 equity shares) to buyers: ₹6 crore
Tender of 20.40% shares (2,08,160 equity shares) in Buyback Offer: ₹4 crores
Additional ₹6 crores for sale of set top boxes
Total Consideration: ₹16 crore
Buyers:
Ms. Arundhati Dhananjay Mahadik
Mr. Nagesh Narayandas Chhabria
Ms. Poonam Harish Gulabani
All are existing shareholders of Bhima Riddhi
Non-Related Party: Buyers do not belong to promoter/promoter group/group companies
Agreement Execution: On or before September 30, 2026
Expected Completion: On or before September 30, 2026

Entity Involved: Vinsat Digital Private Limited
Stake Divested: Entire 51.15% shareholding by IMCL
Approval Date: September 8, 2026
Financial Contribution (FY2026):
Turnover: ₹68.89 Crores (1.6% of HGS consolidated income)
Net Worth: ₹0.16 Crores (0.002% of HGS consolidated net worth)
Total Consideration: ₹7.17 crore
Payment Terms: To be received in one or more tranche before equity share transfer
Buyer: Mr. Gouri Sankar Korrapti (existing shareholder of Vinsat)
Non-Related Party: Buyer does not belong to promoter/promoter group/group companies
Agreement Execution: On or before December 31, 2026
Expected Completion: On or before December 31, 2026

Upon completion of both sales, Bhima Riddhi and Vinsat will cease to be step-down subsidiaries of HGS
Both transactions are not related party transactions and are conducted at arm's length
No scheme of arrangement involved in either transaction