Azad India Mobility Limited has taken a significant step towards expanding its presence in the electric mobility sector. The company has entered into a 5-year lease agreement with Azad Coach Builders Private Limited to produce electric buses in Bengaluru, marking a strategic move in India's growing green mobility market.

Lease Agreement Details

The Board of Directors of Azad India Mobility approved the lease deed in a meeting held on September 26, 2025. The agreement, which takes effect from October 1, 2025, covers the lease of land, plant, and machinery situated at Mysore Road, Seshagirihalli, Bengaluru 562109.

Key points of the lease agreement include:

• Duration: 5 years, with the possibility of extension by mutual agreement
• Area: 8,094 square meters
• Monthly Rent: ₹25.50 lakh, subject to a 5% annual escalation
• Purpose: Manufacturing of bus body components, assembly of manufactured and imported bus components, and production of fully functional electric buses

Strategic Implications

This lease agreement is a crucial part of Azad India Mobility's strategy to establish itself as a major player in India's accelerating green mobility transformation. The facility provides several advantages:

• Production Capacity: The world-class, government-approved industrial site is tailored for electric bus production, with a capacity of up to 1,500 units annually.
• Operational Control: The company gains uninterrupted access and rights to make infrastructure modifications, allowing for greater flexibility in production.
• Legal Certainty: Full legal protections enable the company to focus on innovation and large-scale market expansion.

Related Party Transaction

It's worth noting that this lease agreement falls under the category of a Related Party Transaction. Mr. Bupinder Singh Chadha and Mr. Chamjit Singh Chadha are common directors in both Azad India Mobility Limited and Azad Coach Builders Private Limited. However, the company has stated that the transaction is being conducted at arm's length.

Company Outlook

The move into electric bus production aligns with the growing demand for sustainable transportation solutions in India. By securing this dedicated manufacturing space, Azad India Mobility is positioning itself to capitalize on the increasing adoption of electric vehicles in the public transportation sector.

As the electric mobility landscape continues to evolve, investors and industry observers will be keenly watching how Azad India Mobility leverages this new production facility to strengthen its market position and contribute to India's green mobility initiatives.

Azad India Mobility Limited , a company listed on the Bombay Stock Exchange (BSE), has witnessed a significant change in its shareholding pattern. Rashmi Nimesh Joshi, along with persons acting in concert (PAC), have acquired a substantial stake in the company through a preferential allotment.

Key Details of the Acquisition

• Acquirers: Rashmi Nimesh Joshi, Dhruvil Nimesh Joshi, Nimesh S Joshi, and Manashavee Nimesh Joshi
• Acquisition Date: August 7, 2025
• Shares Acquired: 58,75,000 shares
• Stake Acquired: 14.51% of the company's voting capital
• Mode of Acquisition: Preferential allotment via conversion of warrants into equity shares

Impact on Shareholding

The acquisition has resulted in a significant increase in the group's total holding in Azad India Mobility Limited:

Changes in Company's Capital Structure

The preferential allotment has led to changes in Azad India Mobility's equity share capital:

• Pre-Acquisition: Rs. 40.49 crore (4,04,93,154 equity shares)
• Post-Acquisition: Rs. 49.30 crore (4,92,98,154 equity shares)
• Share Face Value: Rs. 10 each

Additional Information

• The acquired equity shares rank pari-passu with existing shares, including dividend rights.
• The acquirers do not belong to the promoter group of Azad India Mobility Limited.
• Rashmi Nimesh Joshi still holds 10,75,000 warrants (2.18% of the total voting rights) that can be converted into equity shares.

Funding and Utilization

According to the LODR data, Azad India Mobility Limited had previously raised Rs. 52.11 crore through a preferential issue on May 20, 2025. The funds were allocated for various purposes including capital expenditure, growth plans, working capital requirements, loan repayment, investments, and general corporate purposes.

This strategic move by Rashmi Nimesh Joshi and associates represents a significant shift in the ownership structure of Azad India Mobility Limited. While the acquirers are not part of the promoter group, their substantial stake could potentially influence the company's future direction and decision-making processes.