Board approves NCDs up to Rs. 500 crore, new China subsidiary, sale of EVQ Point stake and key appointments

Board approved raising up to Rs. 500 crore via Non-Convertible Debentures on private placement, in one or more tranches — 50,000 NCDs of Rs. 1,00,000 face value each.

Thu 24 Sep 2026

NCD Issuance Approved

Up to Rs. 500 crore via Non-Convertible Debentures on private placement, 50,000 NCDs of Rs. 1,00,000 face value each

China Subsidiary Investment

Wholly owned subsidiary in China with proposed investment up to USD 1 million (100% stake, cash)

EVQ Point Solutions Stake Sale

Sale of 29.5% stake in EVQ Point Solutions held via Spark Minda Green Mobility; FY 2025-26 share of profit was Rs. 3,95,197

Company Secretary Appointment

Meenal Bansal appointed Company Secretary & Compliance Officer, effective 24th September 2026

Chief Procurement Officer Appointment

Geetika Mishra appointed Chief Procurement Officer, effective 24th September 2026

Debt fund raising

The Board approved raising funds of up to Rs. 500 Crore through Non-Convertible Debentures (NCDs) on a private placement basis, in one or more tranches, for various funding requirements from time to time.

• 50,000 NCDs of face value Rs. 1,00,000 each, aggregating up to Rs. 500 Crores
• Issued privately to eligible investors, not a public issue
• Whether the NCDs will be listed is to be finalised at the time of allotment
• Tenure, coupon/interest, payment schedule, security over assets and redemption terms are to be specified in the key information document
• The update marks delay or default in payment of interest/principal as Not Applicable

NCDs are debt instruments, so they do not dilute existing shareholders, unlike equity issues.

New subsidiary in China

The Board approved incorporating a wholly owned subsidiary in China, in the automotive industry, with a proposed investment of up to USD 1 Million in cash, subscribing to 100 % of the initial paid-up share capital. The purpose is to explore new business opportunities, products, technologies and partnerships related to the automotive industry in China. China Government approval is required for the incorporation.

Sale of EVQ Point Solutions stake

The Board approved the sale of the investment in EVQ Point Solutions Private Limited, held through Spark Minda Green Mobility Systems Private Limited, a wholly owned subsidiary. EVQ Point is a step-down associate in which Spark Minda Green Mobility holds a 29.5% equity stake.

• As per the consolidated financial statement for FY 2025-26, share of profit includes Rs. 3,95,197 from this entity
• Consideration will be intimated at the time of execution; the sale agreement date, completion date and buyer details will be intimated once finalised
• The transaction is not a related party transaction

Given the small profit contribution, the direct financial impact of this exit appears limited.

Senior appointments (both effective 24th September 2026)

• Ms. Meenal Bansal as Company Secretary and Compliance Officer, designated Key Managerial Personnel. A qualified Company Secretary and law graduate with over 15 years of experience across manufacturing, IT Services and IT Infrastructure; previously headed Company Secretarial and Compliances at STL Networks Ltd.
• Mrs. Geetika Mishra as Chief Procurement Officer, designated Senior Management Personnel. An engineering graduate from NIT Rourkela with over 25 years of experience in strategic sourcing, supply chain governance and multi-plant procurement; earlier with Hero Honda, Maruti Suzuki and Motherson Sumi (18+ years).

Compliance penalty noted

BSE issued a notice dated August 14, 2026 for non-compliance with Regulation 31 of the SEBI Listing Regulations, relating to a one day delay in update the shareholding pattern for the quarter ended June 30, 2026, and imposed a penalty of Rs 2000 plus applicable taxes. The Board noted the update was made within timelines with NSE, and the delay with BSE was inadvertent and procedural without malafide or wilful intention, advising management to ensure timely compliance in future. The fine has been paid within the prescribed timeline.

How investors may read this

The NCD approval is an enabling authorisation for debt funding; actual borrowing depends on tranches issued and terms, which are yet to be set. The China subsidiary is a small initial outlay aimed at exploring opportunities, while the EVQ Point exit trims a minor associate holding. The penalty amount is very small and has been settled.

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