Indo National Limited has subscribed to a 31.82% stake in Aidin Technologies Private Limited for an aggregate consideration of ₹34,99,92,034, marking a strategic expansion into the defence and aerospace electronics sector. The transaction, completed on July 29, 2026, involves the subscription of 9,920 fully paid-up Series A Compulsorily Convertible Preference Shares (CCPS) and 12,202 partly paid-up Series A1 CCPS. This move aims to create a new growth engine for the company by leveraging opportunities in electronic warfare, defence communications, and satellite technology.

The acquisition was disclosed pursuant to Regulation 30 read with Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, and SEBI Master Circular No. HO/49/14/14(7)2025-CFDPOD2/I/3762/2026. The transaction is not classified as a related-party transaction, with promoters and group companies holding no interest in the target entity. All requisite governmental or regulatory approvals for this specific acquisition stage were stated as not applicable.

Investment Structure

Indo National paid a cash consideration for the shares, with distinct pricing structures for the two series of CCPS. The fully paid-up Series A CCPS carried a face value of ₹10 each with a premium of ₹35,270.84 per share, totaling ₹34,99,85,933. The partly paid-up Series A1 CCPS also had a face value of ₹10 and a premium of ₹35,270.84, but were acquired to the extent of ₹0.50 per share, amounting to ₹6,101. The total investment secures a significant minority stake in the target entity, which was incorporated on May 2, 2008.

Target Entity Profile

Aidin Technologies Private Limited operates in the radio frequency power electronics and embedded systems space, serving critical sectors including electronic warfare and satellite technology. Its product portfolio includes anti-drone solutions, electronic warfare test and range systems, power supply units for radar, and jammers. The company has demonstrated strong revenue growth over the past three years, reflecting increasing demand in the defence electronics market.

Strategic Rationale

Management indicated that the acquisition aligns with Indo National’s strategy to balance risk and returns by entering the sunrise sector of defence and aerospace. With the defence electronics market estimated at approximately ₹25,000 crore and growing at a compound annual growth rate of 12-14%, the investment is positioned to drive long-term revenue and profitability. The second tranche of the acquisition is scheduled for completion on or before July 28, 2027.

Indo National Limited has deepened its control over Medcuore Medical Solutions Private Ltd (MMSPL) by investing ₹49,93,872 to acquire an additional 0.75% equity stake. This investment brings Indo National’s total holding in the air monitoring and purification systems manufacturer to 61.09%, consolidating its majority position in the entity. The acquisition was executed through a cash subscription to equity shares valued at ₹16,536 per share, based on a valuation report issued by a registered valuer.

The transaction, disclosed under Regulation 30 of the SEBI LODR Regulations, 2015, along with Schedule III and the SEBI master circular dated November 11, 2024, represents a strategic move to facilitate business growth and generate revenue through expansion. Indo National confirmed that the acquisition does not constitute a related-party transaction, and neither the promoters nor group companies hold any interest in MMSPL. No governmental or regulatory approvals were required for this investment.

MMSPL, incorporated on June 7, 2020, operates exclusively in India, focusing on the manufacturing, distribution, and servicing of air monitoring systems and air purifiers. The company has demonstrated significant revenue growth recently, with its turnover rising sharply in FY26. The indicative time period for the completion of this acquisition phase extends up to FY28.

Financial Performance of Medcuore Medical

MMSPL’s financial data reveals a substantial increase in turnover for the most recent fiscal year compared to the previous two years.

What the Numbers Show

The surge in MMSPL’s turnover from ₹35,41,484 in FY25 to ₹1,45,60,000 in FY26 marks a significant operational acceleration, reversing the decline seen between FY24 and FY25. Indo National’s decision to increase its stake to 61.09% coincides with this peak in revenue performance, suggesting confidence in the target’s current growth trajectory within the air quality management sector.