Enviro Infra Engineers Limited has secured in-principle approval from both major Indian stock exchanges for listing equity shares under its employee stock option plan. The company announced on February 24, 2026, that it received approval letters from the National Stock Exchange of India Limited (NSE) and BSE Limited for the EIEL Employees Stock Option Plan 2025.

Exchange Approvals and Details

The approvals cover the listing of up to 17,73,031 equity shares of Rs. 10/- each to be issued under the employee stock option scheme. The NSE granted approval through letter reference NSE/LIST/53030 dated February 24, 2026, while BSE issued its approval under reference DCS/ESOP/IP/Ak/4100/2025-26 on the same date.

Regulatory Compliance Requirements

Both exchanges have outlined specific conditions that must be fulfilled for the final listing approval. The NSE requires the company to notify the exchange under Regulation 10(c) together with listing application only after allotment of securities and credit to beneficiaries' accounts. Additionally, the company must obtain statutory and other approvals and ensure compliance with guidelines issued by SEBI, RBI, and MCA.

The BSE has stipulated similar conditions, emphasizing compliance with the Securities Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021. Both exchanges require adherence to the Companies Act, 1956/2013, and other applicable laws.

Documentation and Future Steps

The exchanges have provided comprehensive checklists of required documentation for the listing process. Key requirements include:

• Certified true copy of statement under Regulation 10(c)
• NSDL/CDSL credit confirmation by the registrar and transfer agent
• Board resolution of allotment of shares
• List of allottees with detailed specifications
• Details of employees granted options exceeding specified thresholds

Both NSE and BSE have reserved the right to withdraw their in-principle approval if submitted information is found to be incomplete, incorrect, misleading, or in contravention of exchange rules and regulations. The final trading permission will be granted upon receipt of notification under Regulation 10(c) and compliance with all stated conditions.

Corporate Communication

The announcement was made by Piyush Jain, Company Secretary and Compliance Officer of Enviro Infra Engineers Limited, in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has been directed to take up any additional approvals required from other departments of the exchanges separately.

Enviro Infra Engineers Limited has submitted its quarterly monitoring agency report for the period ended December 31, 2025, providing detailed insights into the utilization of proceeds from its Initial Public Offer (IPO). The report, prepared by CRISIL Ratings Limited as the appointed monitoring agency, confirms compliance with regulatory requirements and proper deployment of funds according to the stated objectives.

IPO Proceeds Utilization Overview

The company's IPO, conducted from November 22, 2024, to November 26, 2024, raised gross proceeds of ₹57,234.96 lakhs through fresh issue, resulting in net proceeds of ₹51,727.25 lakhs after deducting issue expenses of ₹5,507.71 lakhs. As of December 31, 2025, the company has cumulatively utilized ₹44,467.57 lakhs, leaving ₹7,259.68 lakhs unutilized.

Object-wise Fund Deployment

The monitoring report reveals varying levels of completion across the four stated objects of the IPO. Two objectives have been fully completed, while others show partial utilization during the reporting quarter.

General Corporate Purposes Deployment

During the quarter ended December 31, 2025, the company utilized ₹3,200.00 lakhs from the general corporate purposes allocation. This amount was deployed as a loan to Enviro Infra Engineers (Saharanpur) Private Limited, serving as promoter contribution for a Hybrid Annuity Model (HAM) project. The Board of Directors approved this utilization through a resolution dated February 09, 2026, ensuring alignment with the prospectus disclosures.

Investment of Unutilized Proceeds

The company has prudently invested its unutilized funds to generate returns while maintaining liquidity. The deployment strategy focuses on fixed deposits with established banking institutions.

Additionally, ₹43.25 lakhs remains in the company's monitoring account, representing earnings from fixed deposits. The fixed deposit also includes ₹126.32 lakhs from the remaining issue expenses allocation.

Regulatory Compliance and Monitoring

CRISIL Ratings Limited, serving as the monitoring agency under SEBI regulations, confirmed no deviations from the objects stated in the offer document. The report indicates no material changes in the means of finance for disclosed objects and no unfavorable events affecting project viability. The monitoring agency relied on statutory auditor certificates from M/s S. S. Kothari Mehta & Co. LLP, management undertakings, and bank statements for verification.

The company has maintained full compliance with SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. No delays in implementation of stated objects were reported, and all utilizations align with the original timeline and objectives disclosed in the prospectus dated November 27, 2024.