Endurance Technologies disclosed the execution of an Inter Se Shareholders' Agreement among its promoter group members on February 11, 2026. The agreement involves members of the Jain family and family trusts, all of whom are promoters or members of the promoter group of the company.

Agreement Parties and Structure

The shareholders' agreement includes seven key parties from the promoter group. The Jain family members comprise Anurang Jain, Varsha Jain, Rhea Jain Kapoor, and Rohan Jain. Additionally, three family trusts are party to the agreement: NC Trust (through trustee Suman Nareshchandra Jain), Anurang Rhea Trust (through trustee Nareshchandra Jain), and Anurang Rohan Trust (through trustee Anurang Jain).

Key Provisions and Transfer Conditions

The agreement establishes comprehensive provisions for share transfers and transmission. No party can transfer or encumber their shareholding in contravention of the stipulated conditions, except for Anurang Jain individually or as trustee of family trusts. Any non-compliant transfer or encumbrance is deemed null and void.

The agreement permits gift or transfer without monetary consideration only to identified classes of family members and family trusts, unless prior consent is received from the surviving Jain family members. Sale of shares among the parties is allowed, with specific provisions for third-party sales only in emergencies or for new business establishment purposes.

Ownership and Control Safeguards

A critical provision requires that after Anurang Jain's demise, the parties must collectively maintain at least 51% of the company's share capital. Varsha Jain faces additional restrictions on the sale of certain identified shares. The agreement also governs testamentary bequests, allowing parties to bequeath shares only to identified family members and family trusts in accordance with the agreement terms.

Governance and Amendment Rights

The agreement grants Anurang Jain sole authority to amend or terminate the agreement during his lifetime. After his demise, amendments require consent from all parties, and no party can terminate the agreement either by mutual consent or unilaterally. All share transfers must comply with the company's articles of association, applicable SEBI regulations, and other relevant laws.

Impact Assessment

Endurance Technologies emphasized that the agreement does not impact the company's management or control, nor does it impose restrictions or create liabilities for the company. The agreement does not contemplate changes in the board of directors or key managerial personnel. The disclosure was made in compliance with SEBI Listing Obligations and Disclosure Requirements Regulations, 2015, to ensure transparency for stakeholders.

Endurance technologies Limited has received a significant boost to its industrial promotion subsidy eligibility, with the Directorate of Industries, Government of Maharashtra issuing an addendum that increases total incentives to ₹858.29 crore under the Package Scheme of Incentives - 2019. This development marks a substantial enhancement from the company's previously reported subsidy eligibility.

Enhanced Subsidy Details

The addendum represents a considerable increase in the company's subsidy eligibility, as outlined in the following comparison:

These incentives are specifically tied to investments made in fixed assets from April 1, 2019, up to March 31, 2025, at the company's eligible units situated at Waluj, District Chhatrapati Sambhajinagar.

Scheme Framework and Implementation

The enhanced subsidy falls under the Mega Projects - Investment Based category of the Package Scheme of Incentives - 2019. The company plans to utilize these incentives through two primary mechanisms:

• Industrial Promotion Subsidy via refund of SGST collections by eligible units
• Electricity Duty exemption benefits

The subsidy structure is subject to fulfillment of requisite terms, conditions, and compliances under the scheme as mandated by the Maharashtra government.

Future Benefit Structure

For the remaining period of the scheme, spanning from April 1, 2025, to September 30, 2031, the company will be eligible for substantial annual benefits:

Regulatory Compliance

The announcement was made in compliance with Regulation 30 read with Part C of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This follows the company's earlier intimation dated April 4, 2025, regarding the original Eligibility Certificate issued by the Directorate of Industries, Government of Maharashtra.

The enhanced subsidy eligibility represents a significant financial advantage for Endurance Technologies Limited, providing substantial support for its expansion activities under the Maharashtra government's industrial promotion initiatives. The company has formally notified both BSE Limited and National Stock Exchange of India Limited about this development on January 13, 2026.