ITCONS E-Solutions Ltd has secured a substantial three-year contract worth ₹66.87 crores from Bank of Maharashtra, marking a significant business development for the IT services company. The contract was announced through a regulatory filing under SEBI Regulation 30 on January 15, 2026.

Contract Overview

The comprehensive agreement involves providing manpower outsourcing services to Bank of Maharashtra, which operates under the Department of Financial Services, Ministry of Finance. The contract details are structured as follows:

Service Scope and Implementation

The contract requires ITCONS E-Solutions to deploy 63 resources to support Bank of Maharashtra's operations. This domestic contract represents a substantial commitment from a major public sector bank, demonstrating confidence in the company's service delivery capabilities. The agreement includes provisions for potential extension beyond the initial three-year term through mutual agreement between both parties.

Regulatory Compliance and Disclosure

The company has fulfilled all regulatory requirements under SEBI guidelines, providing comprehensive details as mandated by SEBI Master Circular SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024. Key compliance aspects include:

Strategic Significance

This contract award represents a significant milestone for ITCONS E-Solutions, reinforcing its position in the government and public sector services market. The company emphasized that this development reflects the continued trust placed in them by government agencies, potentially opening doors for similar opportunities in the public sector domain.

The three-year duration provides revenue visibility and stability, while the substantial contract value of ₹66.87 crores demonstrates the company's capability to handle large-scale service deployments. The February 2026 commencement date allows adequate preparation time for resource mobilization and service implementation.

ITCONS e-Solutions Ltd has filed a disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, reporting changes in shareholding due to warrant conversions by other shareholders of the company.

Shareholding Changes Overview

The disclosure pertains to Saurabh Gangal, a non-promoter shareholder of the company, whose shareholding percentage has been affected by warrant conversions undertaken by other shareholders. While no actual acquisition or disposal of shares took place by Gangal, his percentage shareholding changed due to the increase in the company's total share capital.

Share Capital Structure Changes

The warrant conversions have resulted in a significant expansion of the company's equity share capital. The total equity share capital increased substantially following the conversion of warrants by other shareholders.

Regulatory Compliance Details

The disclosure was submitted to BSE Limited on January 8, 2026, by Company Secretary and Compliance Officer Pooja Gupta. The filing ensures compliance with SEBI regulations regarding substantial acquisition of shares and takeovers, even though no direct acquisition occurred.

Key aspects of the disclosure include:

• No encumbrances on shares held by Saurabh Gangal
• No voting rights acquired otherwise than by shares
• No warrants or convertible securities held by the shareholder
• The shareholding change resulted purely from warrant conversions by other parties

Impact on Shareholding Structure

The warrant conversions have diluted existing shareholders' percentage holdings while maintaining their absolute share counts. Saurabh Gangal's position remains unchanged in absolute terms, holding 489,328 shares, but his percentage stake in the company has decreased from 8.10% to 6.79% of the total voting capital due to the increased share base following warrant conversions by other shareholders.