Sub: Intimation under Regulation 30 read with Schedule III of SEBI LODR

Indo-National Limited (the "Company") has submitted a regulatory disclosure pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This filing is in continuation of an earlier intimation dated April 30, 2026.

Nature of the Event

The Company has completed an acquisition of a significant minority stake in Aidin Technologies Private Limited (the "Target Entity").

Transaction Details

  • Investment Structure: The Company subscribed to 9,920 fully paid-up Series A Compulsorily Convertible Preference Shares (CCPS) and 12,202 partly paid-up Series A1 CCPS of Aidin Technologies Private Limited.
  • Stake Acquired: This subscription represents 31.82% of the paid-up share capital of the Target Entity.
  • Total Consideration: The aggregate investment amount is ₹34,99,92,034 (Rupees Thirty Four Crore Ninety Nine Lakh Ninety Two Thousand and Thirty Four Only).
  • Price Breakdown:
  • The 9,920 Series A CCPS were acquired at a price of ₹35,280.84 per share (Face Value: ₹10 + Premium: ₹35,270.84), totaling ₹34,99,85,933.
  • The 12,202 Series A1 CCPS were partly paid to the extent of ₹0.50 per share, amounting to ₹6,101. These shares have the same face value and premium structure as the Series A CCPS.
  • Payment Method: The consideration was paid entirely in cash.
  • Transaction Timeline:
  • Tranche 1, which constitutes this investment for a 31.82% stake, was completed on July 29, 2026.
  • A second tranche (Tranche 2) is expected to be completed on or before July 28, 2027.

Target Entity Profile (Aidin Technologies Private Limited)

  • Business: The Target Entity is engaged in radio frequency power electronics and embedded system technologies. It serves critical sectors including electronic warfare, defence communications, and satellite technology.
  • Product Portfolio: Its offerings include full satellite bus builds, anti-drone solutions, electronic warfare test and range systems, power supply and distribution units for radar and defence equipment, and Solid State and TWT based amplifiers for Jammer & EW applications.
  • Incorporation Date: May 2, 2008.
  • Geographic Presence: Operates exclusively in India.
  • Financial Performance (Turnover):
  • FY 2024-25: ₹7,43,123 (in thousands)
  • FY 2023-24: ₹2,54,956 (in thousands)
  • FY 2022-23: ₹1,57,986 (in thousands)

Strategic Rationale and Impact

  • Objective: This investment allows Indo-National to establish a presence in the sunrise Defence & Aerospace sector (B2B & B2G), creating a second growth engine alongside its core consumer-oriented (B2C) business.
  • Market Opportunity: The Company cites the Defence Electronics market, valued at approximately ₹25,000 crore and growing at a 12-14% CAGR, as a significant opportunity. The investment supports the country's self-sufficiency plans through the indigenisation of technology and reducing import dependency.
  • Expected Impact: The acquisition is intended to drive strong growth in both revenue and profitability for Indo-National and provide stakeholders with a blended business portfolio that balances risk and returns.

Regulatory and Governance Details

  • Related Party Transaction: The promoters/promoter group of Indo-National have no interest in this transaction. It is not a related party transaction.
  • Governmental/Regulatory Approvals: No governmental or regulatory approvals were required for this acquisition.
  • Regulatory Reference: The disclosure is made under Regulation 30 read with Schedule III of SEBI LODR and refers to SEBI Master Circular No. HO/49/14/14(7)2025-CFDPOD2/I/3762/2026 issued on July 11, 2023 (updated January 30, 2026).

Company and Filing Information

  • Company CIN: L31909TN1972PLC006196
  • Filing Date: July 29, 2026

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