Geecee Ventures Limited has successfully completed the conversion of its partly paid-up equity shares of Bharti Airtel Limited to fully paid-up shares, following the payment of ₹9.27 crores through the ASBA mechanism. The Special Committee of Directors for Rights Issue of Bharti Airtel Limited approved the conversion, with the approval communicated to stock exchanges on March 18, 2026.

Payment and Conversion Details

The company made the payment for 2,30,976 partly paid-up equity shares of Bharti Airtel Limited at ₹401.25 per share, totaling ₹9,26,79,120. The amount was initially blocked through the ASBA mechanism in the company's bank account on March 13, 2026, and the conversion approval was granted by Bharti Airtel's Special Committee on March 18, 2026.

Regulatory Compliance and Timeline

Geecee Ventures submitted the initial disclosure on March 13, 2026, under Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015. The company provided an update on March 19, 2026, confirming that Bharti Airtel Limited had communicated the conversion approval to BSE and NSE on March 18, 2026, at 10:51 PM and 11:00 PM respectively.

The converted shares will rank pari passu in all respects with the existing fully paid-up equity shares of Bharti Airtel Limited. The company confirmed that this acquisition does not fall within related party transactions, and no promoter or group companies have any interest in the entity being acquired.

Investment Context and Impact

According to the company's disclosure, this investment represents a miniscule part of Geecee Ventures' investment portfolio. The total cost of investment in equity shares of Bharti Airtel Limited exceeds the threshold specified in Regulation 30(4)(i)(c) of SEBI (LODR) Regulations 2015, necessitating the regulatory disclosure.

About Bharti Airtel Limited

Bharti Airtel Limited, incorporated on July 7, 1995, operates as a leading global telecommunications company offering 2G, 3G, 4G, and 5G wireless services across 17+ countries in South Asia and Africa. The company ranks among the top 3-4 mobile service providers globally in terms of subscribers and reported strong financial performance.

Geecee Ventures reported its unaudited financial results for the third quarter of FY26 ended December 31, 2025, showing a significant decline in key financial metrics compared to the corresponding period last year. The Mumbai-based company, engaged in real estate and financial services, faced challenging market conditions during the quarter.

Financial Performance Overview

The company's standalone financial performance reflected a substantial year-on-year decline across major parameters:

Segment-wise Revenue Analysis

Geecee Ventures operates through two primary business segments, both experiencing revenue declines during the quarter:

The Real Estate segment, which constitutes the larger portion of the business, saw an 81.8% decline in revenue to ₹864.08 crores. However, the Financial Services segment showed resilience with a 9% growth to ₹721.45 crores.

Operational Metrics and Expenses

The company's expense structure showed mixed trends during the quarter. Total expenditure decreased to ₹997.06 crores from ₹3,311.07 crores in Q3FY25, primarily driven by lower material consumption and construction-related expenses.

Key expense components:

• Consumption of Raw Material & Construction Related Expenses: ₹18,092.44 crores
• Employee Benefit Expenses: ₹184.41 crores (up from ₹133.61 crores)
• Finance Cost: ₹15.50 crores (down from ₹24.60 crores)
• Depreciation: ₹50.70 crores (up from ₹49.90 crores)

Consolidated Results

On a consolidated basis, which includes subsidiaries and joint ventures, the company reported net profit attributable to shareholders of ₹493.69 crores compared to ₹1,951.34 crores in Q3FY25. Consolidated revenue from operations stood at ₹1,633.35 crores versus ₹5,873.58 crores in the previous year.

Nine-Month Performance

For the nine months ended December 31, 2025, the company reported standalone net profit of ₹1,816.37 crores compared to ₹3,800.84 crores in the corresponding period of FY25. Revenue from operations for the nine-month period was ₹4,076.78 crores against ₹11,200.04 crores in the previous year.

Corporate Governance

The Board of Directors approved these results at their meeting held on February 10, 2026, which commenced at 4:58 PM and concluded at 5:55 PM. The results have been subject to limited review by the company's statutory auditors, M R B & Associates, Chartered Accountants. The company maintains its paid-up equity share capital at ₹2,091.17 crores with a face value of ₹10 per share.