Investment Amount: USD 20,000,000 (United States Dollar Twenty Million)
Investment Instrument: Subscription to Compulsorily Convertible Debentures (CCDs)
Target Company: Lunar Holdco, Inc. (doing business as Elveo Mobile), incorporated under Delaware, USA laws
Transaction Date: August 17, 2026
Consideration Form: Cash/wire transfer
CCD Terms: Carrying 7% annual compounded return, convertible into equity shares of Lunar according to CCD documentation
Approval History
Board of Directors Approval: Previously obtained (specific date not mentioned in current document)
Shareholder Approval: Obtained on June 13, 2026
Previous Communications: Disclosed through letters dated April 28, 2026 and May 1, 2026
Target Company Details
Business: Satellite communications company focused on developing next-generation global NGSO satellite network
Services: Direct-to-Device (D2D), IoT, and mobile satellite connectivity services
Incorporation Date: January 27, 2026 (formed through merger of Lynk Global and Omnispace)
Financial Status: Pre-revenue company until full deployment of its satellite constellation
Backing: Strategic investors including SES (one of world's leading satellite communications operators)
Geographic Presence: Through subsidiaries has market access in Latin America, Africa, Asia, United States, and Europe
Strategic Rationale
Establish long-term partnership with Lunar for provision, distribution and commercialization of satellite-based D2D, IoT and related communication services in India and other countries
Provide Nelco strategic access to emerging satellite connectivity solutions
Support growth opportunities in the satellite ecosystem
Transaction Specifics
Not a related party transaction
No promoter/promoter group/group companies have any interest in Lunar Holdco
Transaction completed under automatic route subject to applicable regulatory filings and compliances
Shareholding percentage upon conversion not presently determinable - will depend on conversion events and CCD terms
Investment does not confer control over Lunar
Additional Information
Disclosure available on company website: www.nelco.in
Signed by Ritesh N Kamdar, Company Secretary & Head – Legal (ACS 20154)
