Summary of Key Information:

Acquirer / Investor: Varroc Engineering Limited

Target Company: Forsee Power India Private Limited

Stock Exchange Listings:

NSE Scrip Code: VARROC

BSE Security Code: 541578

Nature of Transaction / Event: Strategic investment through acquisition of equity shares and subscription to OCRPS

Date of Transaction Execution: October 26, 2026 (agreements executed)

Number of Shares Affected:

  • 2,95,398 equity shares
  • 80,380 OCRPS (Optionally Convertible Redeemable Preference Shares)

% of Total Shareholding / Voting Capital Affected: 45% equity stake upon completion

Mode of Transaction / Action: Private acquisition and subscription through executed agreements

Consideration: Cash consideration not exceeding €4.5 million (approximately ₹40.5 crore at current exchange rates)

Target Company Business Details:

Forsee Power India Private Limited is engaged in the business of manufacturing, assembly, testing and validation of battery pack systems, including battery management systems, for electric mobility applications.

Target Company Financial Performance:

  • FY2024 Turnover: ₹16,04,32,770 (₹16.04 crore)
  • FY2025 Turnover: ₹10,57,37,870 (₹10.57 crore)
  • FY2026 Turnover: ₹18,83,88,451 (₹18.84 crore)

Transaction Status: Subject to fulfilment and/or waiver of conditions precedent set out in transaction documents

Expected Completion Timeline: On or before December 31, 2026, or such other date as mutually agreed between parties

Regulatory Approvals: None required

Related Party Status: The proposed transaction does not fall within related party transactions. None of the promoters, promoter group or group companies of Varroc Engineering have any interest in Forsee or the proposed transaction.

Strategic Rationale: The investment is in line with Varroc's strategic objectives and is expected to provide long-term business and commercial benefits, particularly in the electric mobility business.

Company Incorporation Details: Forsee Power India was incorporated on July 6, 2020 under the Companies Act, 2013, and operates in India.

Analyst Notes:

This disclosure represents a formal regulatory filing under SEBI Listing Regulations, specifically Regulation 30 read with Para A of Part A of Schedule III, referencing SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026. The transaction involves definitive agreements (Securities Subscription and Purchase Agreement and Shareholders' Agreement) executed on October 26, 2026, building upon previous communication dated October 16, 2026 (reference no. VARROC/SE/INT/2026-27/82).