Aequs Limited has made a further investment of ₹15.75 crore in Ajna Aerospace & Defence Private Limited (AADPL), a joint venture of the company. The investment was executed through the allotment of 45,00,000 partly paid-up equity shares on a rights basis.

The transaction falls under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. AADPL allotted the shares at an issue price of ₹100 per equity share. Out of this total price, Aequs paid ₹35 per share, aggregating to the stated investment amount of ₹15.75 crore as application money.

Payment structure and future obligations

The shares allotted are partly paid-up, implying that the full issue price has not yet been discharged. The remaining balance of ₹65 per equity share, which constitutes 65% of the issue price, remains payable by Aequs. This outstanding amount is subject to one or more subsequent calls to be made by AADPL within 12 months from the date of allotment, October 9, 2026.

Strategic focus and entity profile

AADPL operates in the manufacturing sector, specifically focusing on Unmanned Aerial Vehicles (UAVs), Unmanned Aircraft Systems (UAS), and other autonomous or remotely operated aerial platforms. The company’s scope includes related subsystems, components, payloads, software, hardware, and accessories for defence, security, industrial, and civilian applications.

Incorporated on October 22, 2025, AADPL is a newly formed entity established to source and license intellectual property rights for UAVs from overseas licensors, develop proprietary IP, and manufacture and sell these systems in India and internationally. The company reported a turnover of ₹0.02 crore and a loss after tax of ₹0.99 crore for the financial year ending March 31, 2026.

What the numbers show

The investment highlights a significant capital commitment to an early-stage venture with minimal current revenue generation. While AADPL recorded a net worth of ₹28.84 crore as of March 31, 2026, its operational scale remains nascent, evidenced by the negligible turnover of ₹0.02 crore against a loss of ₹0.99 crore. The structure of the deal, where only 35% of the issue price is paid upfront, indicates a phased funding approach typical for startups requiring sustained capital infusion over time rather than immediate lump-sum deployment.

Aequs Ltd saw a reduction in institutional holding as AmanSA Investments Ltd and its persons acting in concert (PAC) disposed of 934,000 equity shares in the secondary market.

The disclosure, filed under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, confirms that the transaction took place on October 1, 2026. The sale reduced the combined holding of AmanSA Investments Ltd-FDI, AmanSA Investments Ltd, and AmanSA Holdings Private Limited from 36,800,000 shares to 35,866,000 shares.

Stake Reduction Details

The acquirer group, which does not belong to the promoter or promoter group, held 5.49% of the company's total voting capital prior to this transaction. Following the disposal, their current percentage holding stands at 5.35%.

Regulatory Filing Specifics

The filing was submitted by Citibank N.A. Securities Services on behalf of the acquirers. The mode of sale was specified as "Sale on Secondary Market." The total paid-up equity capital of Aequs Ltd remains unchanged at 670,665,635 shares, indicating no dilution or issuance occurred during this period.

What the Numbers Show

The disposal represents a marginal exit strategy rather than a significant divestment. The reduction of 0.14% in total shareholding is relatively small compared to the initial position of 5.49%. This suggests a routine portfolio rebalancing or liquidity management action by the institutional investor, keeping them just above the 5% threshold where substantial acquisition regulations typically trigger more frequent reporting requirements.