Indo National Limited's board has approved the acquisition of a 51% stake in Aidin Technologies Private Limited through a two-tranche subscription to compulsorily convertible preference shares (CCPS) worth ₹78.05 crore. The board meeting held on April 30, 2026, formalized this strategic entry into the defence electronics sector through execution of definitive agreements.

Board Approval and Regulatory Compliance

The company submitted regulatory filings to BSE Limited and National Stock Exchange of India pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The board meeting commenced at 10:30 AM IST and concluded at 1:00 PM IST, with Company Secretary J. Srinivasan signing the official documentation.

Two-Tranche Investment Structure

The acquisition will be executed through a structured two-phase approach with specific investment amounts and timelines. Tranche 1 involves subscribing to 9,920 Series A CCPS and 12,202 partly paid Series A1 CCPS, each with a face value of ₹10 and premium of ₹35,270.84, totaling ₹34,99,92,304. This tranche is expected to complete by June 2026, giving Indo National a 31.82% stake initially.

Tranche 2 will involve fully paying up the partly paid Series A1 CCPS for ₹43,04,90,709, completing within 12 months of Tranche 1's closure. The conversion ratios are subject to adjustments as per definitive agreements, ensuring Indo National maintains at least 51% control on a fully diluted basis.

Target Company Profile and Performance

Aidin Technologies Private Limited, incorporated on May 2, 2008, specializes in radio frequency power electronics and embedded system technologies. The company serves critical sectors including electronic warfare, defence communications, and satellite technology, providing comprehensive solutions from full satellite bus builds to anti-drone systems and electronic warfare test equipment.

The target company has demonstrated exceptional growth trajectory, with revenue increasing from ₹1.58 crore to ₹7.43 crore over three years, representing substantial year-over-year expansion in the defence electronics space.

Strategic Market Entry and Impact

This acquisition enables Indo National to establish presence in the defence electronics market, estimated at ₹25,000 crore with 12-14% CAGR growth potential. The transaction supports the company's diversification strategy, creating a balanced B2C and B2B/B2G portfolio while contributing to India's defence indigenization objectives and reducing import dependency. The move provides Indo National with dual growth engines, balancing consumer-oriented business with sunrise defence and aerospace opportunities.

Indo National Limited has filed its mandatory compliance certificate with stock exchanges, confirming adherence to SEBI regulations governing dematerialization processes for the financial year ended March 31, 2026.

Regulatory Compliance Submission

The company submitted the confirmation certificate to both National Stock Exchange of India Limited and BSE Limited on April 9, 2026. The certificate was issued under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018, covering the year ended March 31, 2026.

Certificate Details and Confirmations

Cameo Corporate Services Limited, serving as the company's Registrar and Share Transfer Agent, issued the certificate on April 6, 2026. The certificate confirms several key compliance aspects:

• Securities received from depository participants for dematerialization during the quarter ended March 31, 2026 were properly confirmed to depositories
• All securities comprised in the certificates have been listed on stock exchanges where earlier issued securities are listed
• Security certificates received for dematerialization have been mutilated and cancelled after due verification
• Names of depositories have been substituted in the Register of Members as registered owners within the prescribed 15-day timeframe

Regulatory Framework

The submission fulfills requirements under SEBI's regulatory framework governing depositories and participants. Regulation 74(5) mandates companies to obtain and submit confirmation certificates from their registrars regarding dematerialization processes and compliance with prescribed procedures.

The certificate covers the quarter ended March 31, 2026, ensuring that all dematerialization activities during this period were conducted in accordance with regulatory guidelines and within stipulated timeframes.