Further investment of INR 15,75,00,000 in joint venture Ajna Aerospace & Defence via rights issue

The company has made a further investment of INR 15,75,00,000 in its joint venture, Ajna Aerospace & Defence Private Limited, through a rights issue.

Fri 9 Oct 2026

Investment Amount

INR 15,75,00,000

Shares Allotted

45,00,000 partly paid-up equity shares

Issue Price

INR 100 per equity share

What has been disclosed

The company has made a further investment of INR 15,75,00,000 in Ajna Aerospace & Defence Private Limited (AADPL), a joint venture of the company, through a rights issue.

AADPL has allotted 45,00,000 partly paid-up equity shares to the company on a rights basis at an issue price of INR 100 per equity share. Out of that issue price, INR 35 per equity share, aggregating to INR 15,75,00,000, has been paid by the company.

Partly paid structure

• The balance INR 65 per equity share, constituting 65% of the issue price, is to be paid by way of one or more subsequent calls.
• These calls are to be made by AADPL within 12 months from the date of allotment, October 09, 2026.
• Since the shares are partly paid, the paid amount of INR 15,75,00,000 is what has gone out now; the remaining portion of the issue price is payable later as and when calls are made.

What the money is for

The objects are capital expenditure, operational expenditure and other general corporate and business requirements of AADPL.

About the joint venture

• AADPL belongs to the industry of manufacturing Unmanned Aerial Vehicles (UAVs), Unmanned Aircraft Systems (UAS) and other autonomous or remotely operated aerial platforms, together with related subsystems, components, payloads, software, hardware and accessories, for defence, security, industrial and civilian applications.
• Its stated business includes sourcing, acquiring and licensing intellectual property rights for UAVs from overseas licensors and owners, developing its own IP, and manufacturing, assembling, testing, marketing and selling UAVs in India and internationally.
• It was incorporated on October 22, 2025 and has its presence in India.

Financials of AADPL, as on March 31, 2026 (audited)

• Turnover: INR 0.02 Crore
• Loss after tax: INR 0.99 Crore
• Net worth: INR 28.84 Crore
• Consolidated total income for FY 2025-26: INR 0.02 Crore

Shareholding and related-party position

• There will be no change in the percentage of shareholding of the company in AADPL; it will continue to remain a joint venture of the company.
• AADPL is a joint venture and therefore a related party of the company; the investment has been made under the rights issue offer made by AADPL.
• Except to the extent of shares held by the company in AADPL and Mr. Rajeev Kaul, Co-Founder & Managing Director, appointed as Nominee Director in AADPL, the promoter/promoter group/group companies of the company have no interest in AADPL.
• The consideration is cash.

How to read this

This is an infusion of fresh funds into an existing joint venture through a rights issue, where the company is subscribing to its entitlement. The shares are partly paid, so a portion of the issue price is still to be called. The joint venture is at an early stage, having been incorporated on October 22, 2025, and it operates in the UAV and UAS space.

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