Indo National Limited has informed the stock exchanges of a forthcoming Board of Directors meeting, scheduled for Friday, May 15, 2026, in accordance with Regulation 29 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The intimation was filed by the company on May 4, 2026, and signed by J. Srinivasan, Company Secretary.

Board Meeting Agenda

The upcoming Board meeting has been convened to consider and approve key financial disclosures. The following matters are on the agenda:

The company has also confirmed that the approved Audited Financial Results will be published in newspapers as soon as they are approved and taken on record by the Board at the said meeting.

Trading Window Closure

In line with SEBI (Prohibition of Insider Trading) Regulations, 2015, and the company's Internal Code of Conduct on Prohibition of Insider Trading, the trading window for dealing in the securities of the company has been kept closed. As notified by the company vide its letter dated March 25, 2026, the trading window closure applies to the following categories:

• Promoters
• Directors
• Other connected persons
• Designated employees of the company

The trading window will remain closed from Wednesday, April 1, 2026, until 48 hours after the declaration of the audited fourth quarter and full-year results of the company.

Regulatory Compliance

The intimation has been filed simultaneously with BSE Limited and the National Stock Exchange of India Ltd., fulfilling the company's disclosure obligations under the applicable SEBI regulations. The company has requested both exchanges to take the information on record.

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.