V Marc has disclosed a strategic Joint Venture with Annapurna Rathi Cable Industries Limited, a company incorporated under the laws of Nepal. The arrangement, executed on 9 October 2025, focuses on securing business for Medium Voltage Covered Conductors (MVCC) in the Republic of Nepal. The company determined that the Joint Venture has acquired material significance due to its progress and expansion, necessitating this disclosure under Regulation 30 of the SEBI (LODR) Regulations, 2015.

The Joint Venture, named V-MARC-ANNAPURNA JV, aims to jointly participate in tenders and undertake the manufacturing and supply of MVCC with voltage grades ranging from 10 kV to 36 kV. This initiative is expected to strengthen the company's international presence, enhance access to new markets and technologies, and contribute to its long-term growth strategy. The agreement does not involve any acquisition of shares, assets, or control in the partner entity, nor does it entail any upfront cash consideration or share swap.

Joint Venture Structure and Tenor

The contractual Joint Venture Agreement is valid up to 31 March 2030, unless terminated earlier. The participation structure of the Joint Venture is defined for specific financial years, with the company's share varying over the currency of the agreement.

Project-related costs and obligations, including Bid Bond, Performance Bond, and Advance Payment Guarantee, will be shared by the parties on a pro-rata basis. No prior governmental or regulatory approvals are required for the execution of the agreement, though any necessary licences for participation in tenders in Nepal will be obtained as applicable.

Partner Profile

Annapurna Rathi Cable Industries Limited is engaged in the business of manufacturing and supply of cables, conductors, and allied electrical products. The Joint Venture is exclusively restricted to MVCC business opportunities in Nepal. Information regarding the partner's date of incorporation and turnover for the last three financial years is not currently available with the company.

V-MARC India Limited has allotted 12,21,03,480 fully paid-up bonus equity shares in a ratio of 5:1 to eligible shareholders. This issuance increases the company's paid-up equity share capital and rewards shareholders whose names appeared in the Register of Members as on Friday, July 03, 2026. The bonus shares rank pari-passu with existing equity shares.

The board meeting held on July 08, 2026, approved the allotment, resulting in a revised share capital structure. The total number of equity shares post-allotment stands at 14,65,24,176, amounting to a capital of ₹1,46,52,41,760.

In governance changes, the board appointed Mrs. Neha Rastogi as an Additional Non-Executive Independent Director effective July 08, 2026, for a term of five years subject to shareholder approval. The board also constituted the Risk Management Committee (RMC) with immediate effect, comprising Mr. Deepak Prabhakar Tikle as Chairperson, Dr. Shailesh Kumar Agrawal, Mrs. Neha Rastogi, and Mr. Divya Kiran Bansal as members.

The board approved revising the remuneration of Mr. Vikas Garg, Managing Director, and Mr. Deepak Prabhakar Tikle, Executive Director, pending shareholder approval. Furthermore, the company proposed enhancing limits under Section 180(1)(a) and Section 180(1)(c) of the Companies Act, 2013. The borrowing and asset creation limits are set to increase from ₹600 crore to ₹800 crore, subject to a Special Resolution at the ensuing Annual General Meeting.