Indo National Limited has approved a ₹3.91 crore investment in Axial Aero Private Limited to acquire a 7.97% stake on a fully diluted basis. The Board of Directors sanctioned the deal during its meeting held on September 17, 2026.

The transaction involves the subscription of 35,249 Class C Compulsorily Convertible Preference Shares (CCPS). Indo National will pay ₹1,109.10 per share as part of Axial Aero’s Pre-Series A-1 funding round. This move follows the company’s exercise of pre-emptive rights under Axial Aero’s charter documents.

Transaction Details

The investment is structured through a Share Subscription Agreement and a Shareholders’ Agreement with Axial Aero and its promoters. The deal is subject to the fulfillment of identified conditions precedent and the completion of investments by other investors in the same round.

Strategic Rationale

Axial Aero is engaged in developing flight simulation technologies and digital terrain technologies for both military and commercial domains. Indo National currently holds Class B non-cumulative compulsorily convertible preference shares in the entity. This new investment increases its exposure to the aerospace technology sector.

Governance Rights

Under the terms of the agreement, Indo National retains the right to nominate one member to the board of directors of Axial Aero. The company had already exercised this right following its previous investment round. The transaction is not classified as a related-party deal, as Axial Aero and its promoters are unrelated to Indo National’s promoter group.

Indo National Limited has acquired an additional 0.41% equity stake in Medcuore Medical Solutions Private Ltd (MMSPL) for ₹25,01,968. The investment brings the listed company’s total holding in the target entity to 62.28% on a fully diluted basis.

The acquisition was executed through a cash subscription of 178 equity shares at ₹14,056 per share. This price was determined based on a valuation report issued by a registered valuer on August 21, 2026. The transaction does not constitute a related-party transaction, and no promoters or group companies hold an interest in MMSPL.

Investment Rationale and Timeline

Indo National stated that the acquisition aims to facilitate business growth, generate revenue, and earn profit through the expansion of its operations. The company expects the acquisition process to be completed by FY27-28. No governmental or regulatory approvals are required for this transaction.

MMSPL is engaged in the manufacturing, distribution, and servicing of Air Monitoring Systems and Air Purifiers. Incorporated on June 7, 2020, the entity operates solely within India.

Financial Performance of Target

The financial data disclosed in the filing highlights significant revenue growth for MMSPL in the most recent fiscal year.

What the Numbers Show

MMSPL’s turnover surged to ₹1.45 crore in FY26, marking a substantial increase from ₹35.41 lakh in FY25. This represents a recovery and expansion after a dip in FY24 turnover to ₹47.68 lakh. The sharp rise in FY26 suggests accelerated business activity or order conversion in the air monitoring segment during that period.