BlackBuck has invested ₹21.99 crore in its wholly owned subsidiary TZF Logistics Solutions through a rights issue, maintaining its 100% ownership stake in the entity.

Investment details

The following table summarises the key parameters of the transaction:

Through this rights issue, BlackBuck has channelled funds into TZF Logistics Solutions while retaining its complete ownership of the subsidiary. The transaction does not alter the ownership structure, as BlackBuck continues to hold a 100% stake in TZF Logistics Solutions following the investment.

Strategic purpose and regulatory compliance

The investment is primarily aimed at facilitating the development, growth, and expansion of business activities at the subsidiary level, alongside supporting its working capital requirements. A critical driver for this capital infusion is the need to meet regulatory requirements applicable to Prepaid Payment Instrument (PPI) issuers under the Payment and Settlement Systems Act, 2007, and RBI regulations.

TZF Logistics Solutions Private Limited obtained a PPI licence from the Reserve Bank of India on July 3, 2025, enabling it to issue and operate digital wallets for payments, remittances, and other permitted transactions. This move strengthens BlackBuck's digital payments capabilities and expands its presence in the PPI ecosystem.

Subsidiary profile and financial status

TZF Logistics Solutions Private Limited is a private company incorporated on August 29, 2018, with its registered office in Bengaluru, India. The entity operates in the Transport & Logistics industry, focusing on technology-based logistics products and services, including transportation and vehicle-hiring solutions through digital platforms.

The subsidiary reported NIL turnover as on March 31, 2026. Historical revenue from operations remained nil for FY24, FY25, and FY26. The current investment falls under the purview of related party transactions as per the Companies Act, 2013, and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and is conducted at arm's length.

BlackBuck Limited concluded its 11th Annual General Meeting on September 18, 2026. Shareholders approved all six resolutions, including audited financials for FY26 and the implementation of employee stock option schemes.

The meeting was held via video conferencing from 11:30 am to 12:10 pm. Remote e-voting ran from September 15, 2026, at 9:00 am to September 17, 2026, at 5:00 pm. A total of 47 members attended the meeting, representing 46.24 million shares, which is 25.38% of the company's capital. The cut-off date for determining voting rights was September 11, 2026.

Key Resolutions Approved

The members passed several ordinary and special resolutions during the proceedings:

• Adoption of audited standalone and consolidated financial statements for the fiscal year ended March 31, 2026.
• Reappointment of Mr. Anand Daniel as a Non-Executive Nominee Director.
• Approval of charges for service of documents.
• Re-classification of authorised share capital and consequent alteration to the Memorandum of Association.
• Implementation of the BlackBuck Limited Employee Stock Option Scheme 2016 and 2019 through a trust route.
• Provision of money by the company to acquire its own shares by trust under the aforementioned ESOP schemes.

Voting Results

All resolutions were passed with the requisite majority. The promoter group voted in favour of all resolutions. Public institutional investors showed significant support for most items, though they voted against the reappointment of Mr. Anand Daniel by 14.55% of their polled votes. The resolution still passed overall due to strong promoter support.

Meeting Details

Mr. Barun Pandey, Company Secretary and Compliance Officer, introduced the directors, key managerial personnel, statutory auditor, secretarial auditor, and scrutinizer. He noted that no qualifications or major observations were present in the Independent Auditors' Report or the Secretarial Audit Report.

Mr. Pramod S served as the Scrutinizer for the e-voting process. InstaPoll e-voting was conducted during the meeting. The Chairman thanked the attendees before concluding the session.