Indo National Limited (INL) has made a regulatory disclosure pursuant to Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015, regarding an investment in Axial Aero Private Limited (AAPL).

Board Approval and Timing

The Board of Directors of INL approved the transaction at its meeting held on September 17, 2026. The meeting commenced at 3:15 PM and concluded at 4:30 PM.

Transaction Details

INL will execute two agreements with AAPL:

  • Share Subscription Agreement
  • Shareholders' Agreement

The agreements will be entered into with AAPL and its promoters: Mr. Bala Praveen Kumar, Mr. A Ramesh Krishnan, and Mr. Srikanth Reddy Tiyyagura.

Investment Terms

INL proposes to invest an additional amount of ₹3,90,94,666 (Indian Rupees Three Crore Ninety Lakh Ninety-Four Thousand Six Hundred Sixty-Six Only) in AAPL. This investment will be made through subscription to 35,249 Class C Compulsorily Convertible Preference Shares (Class C CCPS) at a price of ₹1,109.10 per share.

The investment is part of AAPL's Pre-Series A-1 investment round, and INL is exercising its pre-emptive rights as per AAPL's charter documents.

Shareholding Impact

Upon completion of this transaction, INL's total holding in AAPL will represent 7.97% of the share capital on a fully diluted basis. This is subject to the fulfillment of conditions precedent and completion of investments by other investors in the same round.

INL currently holds Class B non-cumulative compulsorily convertible preference shares of AAPL with a face value of ₹10 each.

Governance Rights

Subject to closing of the transaction documents, INL continues to have the right to nominate one member to the board of directors of AAPL, along with other governance and management rights as set out in the transaction documents.

INL had already exercised this director nomination right and appointed a member to AAPL's board pursuant to its previous round of investment.

Related Party Status

AAPL and its promoters (Mr. Bala Praveen Kumar, Mr. A Ramesh Krishnan, and Mr. Srikanth Reddy Tiyyagura) are not related parties of INL, or any of its promoter/promoter group/group companies. The transaction does not qualify as a related party transaction.

Business of AAPL

Axial Aero Private Limited is engaged in the business of development of flight simulation technologies and digital terrain technologies in both military and commercial domains.

Conditions

The transaction is subject to the fulfillment of certain identified conditions precedent and closing of the transaction documents.