MEIL Holdings Limited has released its Non-Disposal Undertaking on shares of Olectra Greentech Limited following the closure of a loan arrangement with REC Limited. The company submitted a revised disclosure to BSE on January 22, 2026, providing clarification on the encumbrance release after receiving feedback from the stock exchange.

Encumbrance Release Details

The release of encumbrance became effective on January 8, 2026, covering 6,38,083 shares representing 0.78% of Olectra Greentech's total share capital. The encumbrance was in the form of a Non-Disposal Undertaking that was created in favor of REC Limited as part of a loan arrangement.

Current Shareholding Position

MEIL Holdings Limited continues to maintain its position as the largest shareholder in Olectra Greentech Limited. Following the encumbrance release, the company's post-event holding of encumbered shares has been reduced to zero.

Regulatory Compliance and Disclosure

The company initially submitted its disclosure under Regulation 31(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 on January 13, 2026. However, BSE requested clarification regarding the reason for encumbrance release in an email dated January 20, 2026.

In response, MEIL Holdings submitted a revised disclosure on January 22, 2026, signed by Managing Director P.V. Krishna Reddy. The company clarified that while the reason for release was mentioned in the original covering letter, they provided the revised disclosure to avoid any ambiguity.

Non-Disposal Undertaking Structure

The Non-Disposal Undertaking was structured based on MEIL Holdings' commitment to remain the largest equity shareholder of Olectra Greentech Limited. The restriction was tied to the shareholding of the second-largest shareholder during the loan tenure with REC Limited. As of the NDU release date, the second-largest shareholder held 6,38,083 shares, which determined the extent of MEIL Holdings' non-disposal restriction.

The release of this encumbrance provides MEIL Holdings with greater flexibility in managing its shareholding in Olectra Greentech while maintaining its controlling stake in the electric vehicle and green technology company.

MEIL Holdings Limited has announced the release of its Non-Disposal Undertaking (NDU) by REC Limited, marking the end of shareholding restrictions that were in place during a loan tenure. The company disclosed this development to BSE and NSE on January 13, 2026, under Regulation 31(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Loan Agreement and Undertaking Details

The Non-Disposal Undertaking was originally submitted to REC Limited in connection with a loan availed by olectra greentech Limited under Sanction Letter Ref. No. REC/CO/REN/EV/2019-20/OGL/437 dated March 11, 2020. As the promoter of Olectra Greentech Limited, MEIL Holdings had undertaken to continue as the largest shareholder during the entire loan tenure.

Shareholding and Encumbrance Details

MEIL Holdings Limited currently holds 4,10,53,000 shares in Olectra Greentech Limited, representing 50.02% of the total share capital. The Non-Disposal Undertaking specifically restricted the disposal of 6,38,083 shares, which constituted 0.78% of the total share capital.

The restriction mechanism was tied to the shareholding of the second-largest shareholder in Olectra Greentech Limited. According to the disclosure, the non-disposal restriction depended on the second largest shareholder's shareholding during the loan tenure, and as of the NDU release date, this shareholder held 6,38,083 shares.

Regulatory Compliance

The disclosure was made in compliance with SEBI regulations governing substantial acquisition of shares and takeovers. MEIL Holdings submitted the required format for disclosure by promoters regarding the release of encumbrance to both BSE (Scrip Code: 532439) and NSE (Symbol: OLECTRA).

Corporate Structure

MEIL Holdings Limited, incorporated with CIN U45209TG2009PLC064573, operates from its registered office at S-2, Technocrat Industrial Estate, Balanagar, Hyderabad-500037. The company is managed by P.V. Krishna Reddy as Managing Director (DIN: 01815061). With the loan fully repaid and the undertaking released, MEIL Holdings now has complete flexibility regarding its shareholding in Olectra Greentech Limited, subject to applicable regulatory requirements.