ICRA Limited has executed a deed of modification to update the composition of the ICRA Employees Welfare Trust, appointing Mr. Harinderjit Singh as a new trustee. This action follows the resignation of Mr. PR Khanna from the Trust. The modification was mutually agreed upon between the company and the trustees, with the Board of Directors approving the appointment and resignation.

The deed, executed on July 1, 2026, amends the original Trust Deed dated July 11, 2006. This is the seventh modification to the Trust Deed, following previous updates in 2006, 2014, 2015, 2018, and 2019. The changes were made in accordance with the Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021.

Updated Trustee Composition

The modification revises the list of trustees for the ICRA Employees Welfare Trust. The updated composition includes three individuals who will manage the Trust's operations moving forward.

Procedural Details

The company submitted the deed of modification to BSE Limited and the National Stock Exchange of India Limited for record-keeping purposes. The document was signed by Mr. Ramnath Krishnan, Authorised Representative of ICRA Limited, and the three trustees. The provisions of the deed became effective immediately upon execution on July 1, 2026. All other provisions of the Trust Deed remain in full force and effect.

ICRA Analytics Limited, a material subsidiary of ICRA Limited , has approved the acquisition of the remaining 40% equity share capital in D2K Technologies India Private Limited for a cash consideration of INR 32 crores. This strategic move will result in D2K becoming a wholly owned step-down subsidiary of ICRA upon completion. The transaction is structured to consolidate ownership without requiring any governmental or regulatory approvals, streamlining the process for the entity.

Transaction Details

The Board of Directors of ICRA Analytics approved the proposal to enter into a Share Purchase Agreement and amendments to the Investment Agreement with D2K and its existing shareholders. The acquisition targets 4,00,000 equity shares of INR 10 each, representing the remaining 40% stake on a fully diluted basis. The consideration of INR 32 crores will be paid in cash, and the closing is contingent upon the successful execution of the transaction by the depositories.

Target Entity Profile

D2K Technologies India Private Limited is classified as a related party transaction, being an indirect subsidiary of ICRA Limited. Incorporated on May 4, 2001, the company is headquartered in Mumbai and operates in the information and communication sector. D2K provides banking and finance solutions and software services to banks, financial institutions, and corporates.

The financial performance of D2K over the past three fiscal years shows a turnover of INR 18.58 crores in FY 24, INR 25.05 crores in FY 25, and INR 23.76 crores in FY 26. This acquisition allows ICRA Analytics to fully integrate the entity's capabilities into its broader portfolio.