Marine Electricals (India) Limited has completed the divestment of a 70% stake in its subsidiary, MEL Shipyard Private Limited, effective June 9, 2026. The transaction concludes the transfer of shares to Mr. Vinay Uchil and Mr. Venkatesh Uchil. As a result of this sale, MEL Shipyard has ceased to be a wholly owned subsidiary and has transitioned into an associate company of Marine Electricals (India) Limited.

The company initially informed the exchanges regarding this proposed divestment on February 11, 2026. The completion of the share transfer alters the corporate structure, reducing the parent company's holding significantly. MEL Shipyard Private Limited was formerly known as Xanatech Synergies Private Limited.

Transaction Details

The filing submitted to the National Stock Exchange of India Limited confirmed the finalization of the deal. The disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015. Additional details regarding the transaction were previously disclosed in the earlier intimation referenced by the company.

The confirmation was signed by Deep Shah, Company Secretary & Compliance Officer, on behalf of Marine Electricals (India) Limited.

Marine Electricals (India) Limited has confirmed that no new encumbrances were created on its shares during the financial year ended March 31, 2026. The disclosure, submitted to the National Stock Exchange of India on April 8, 2026, was made under Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. This declaration ensures transparency regarding any pledges or charges on the promoter group's holdings.

The filing was submitted by the promoters and persons acting in concert on behalf of the company. The declaration explicitly states that no other encumbrance on shares of Marine Electricals (India) Limited has been made directly or indirectly, other than those already disclosed to the stock exchanges during the financial year ending March 31, 2026. The document was signed by Deep Shah, Company Secretary & Compliance Officer.

The disclosures were submitted by key promoter group members, including Venkatesh Uchil and Vinay K Uchil. The declarations were signed on April 7, 2026, in Mumbai, affirming the accuracy of the information provided regarding the shareholding status.

The following table details the entities and individuals on whose behalf the declarations were submitted:

The company requested the exchange to place the disclosure on record. The filing is a routine annual compliance requirement mandated by the market regulator to monitor substantial acquisitions and takeovers.