Kirloskar Electric Company Limited has entered into an addendum to its registered property sale agreement on December 26, 2025, relating to the disposal of its immovable property in Hubli, Karnataka. The company informed the stock exchanges about this development under Regulation 30 of SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

Property Sale Details

The addendum pertains to the original agreement to sell dated March 20, 2024, which was initially disclosed to the exchanges in March 2024. The property in question is an immovable asset measuring 1.06 acres, equivalent to 4,298 square meters of converted land.

Transaction Structure

The addendum does not involve any change in the consideration amount from the earlier intimation made in March 2024. The company has clarified that this is purely an addendum to the existing registered agreement to sell, maintaining the original terms and conditions.

Buyer Information

The proposed purchasers of the property are Shreya Koujalagi and Sushmitha Vijaykumar Nirani. The company has confirmed that neither of these buyers belongs to the promoter, promoter group, or group companies, ensuring the transaction remains at arm's length.

Regulatory Compliance

Kirloskar Electric Company Limited has fulfilled its disclosure obligations under the listing regulations by providing the required details to both BSE Limited and National Stock Exchange of India Limited. The company's shares trade under the symbol KECL on NSE and scrip code 533193 on BSE, with ISIN code INE134B01017.

The disclosure was made on December 26, 2025, at 1:00 PM, ensuring timely communication to stakeholders about this corporate development. The company has indicated that the transaction does not fall under related party transactions, given the independent nature of the buyers.

Kirloskar Electric Co shareholders have overwhelmingly approved the proposed salary increase for Director (Finance) and Chief Financial Officer Sanjeev Kumar Shivappa, with the postal ballot receiving 99.97% votes in favor. The company announced the voting results on December 23, following the conclusion of the e-voting process.

Voting Results and Approval

The special resolution to revise Mr. Shivappa's remuneration from ₹65.00 lakh to ₹75.00 lakh annually received exceptional shareholder support. The voting details are as follows:

The scrutinizer's report, prepared by Chandra Sekhar Kandukoori, Practicing Company Secretary, confirmed the validity of the voting process conducted through Central Depository Services (India) Limited's e-voting platform.

Remuneration Progression

The approved salary increase represents a continued upward trajectory in the CFO's compensation, reflecting the company's performance-based approach to executive remuneration:

Voting Process Timeline

The postal ballot process was conducted in accordance with regulatory requirements, with key milestones completed as scheduled:

Regulatory Compliance

The company fulfilled all regulatory obligations under Section 108 and 110 of the Companies Act, 2013, and Regulation 44 of SEBI Listing Regulations. The process was overseen by independent scrutinizer K.C. Sekhar and Associates, ensuring transparency and compliance with corporate governance norms.

The overwhelming shareholder approval reflects confidence in the company's leadership and compensation strategy. The revised remuneration structure demonstrates the board's commitment to retaining key executive talent through competitive compensation packages.