Board approves sale of 75,000 shares in EC Wheels India to three employees; stake to fall to ~49.47%

Board approved the sale/transfer of 75,000 equity shares of subsidiary EC Wheels India Pvt Ltd — 0.61% of its equity capital — at Rs.10/- per share, totalling Rs.7,50,000/-.

Fri 25 Sep 2026

Shares Transferred

75,000 equity shares of EC Wheels India Pvt Ltd

Transfer Price

Rs.10/- per share, totalling Rs.7,50,000/-

Shareholding Impact

Stake in EC Wheels moves from 50.08% to approximately 49.47%

Buyers

CFO Mr. Mohit Agarwal (25,000 shares), Mr. Ujjwal Biswas (25,000 shares), Mr. Susanta Chowdhury (25,000 shares)

Equity Capital Percentage

0.61% of EC Wheels India's equity capital

What the Board approved

At its meeting on Friday, September 25, 2026, the Board approved the sale/transfer of 75,000 equity shares of EC Wheels India Private Limited, representing 0.61% of its equity share capital, at Rs.10/- per equity share, aggregating Rs.7,50,000/-.

Who is buying

• Mr. Mohit Agarwal, Chief Financial Officer & KMP — 25,000 shares for Rs.2,50,000
• Mr. Ujjwal Biswas, Project Finance Manager — 25,000 shares for Rs.2,50,000
• Mr. Susanta Chowdhury, Senior Manager — 25,000 shares for Rs.2,50,000

Effect on shareholding

The Company presently holds 50.08% in EC Wheels. Upon completion of the proposed transfer, its shareholding will stand at approximately 49.47%. In simple terms, the holding moves from just above half to just under half.

Pricing and governance

The price of Rs.10/- per share was determined on the basis of a valuation report issued by a Registered Valuer (Securities or Financial Assets, IBBI). The Board noted that the transaction with the CFO constitutes a Related Party Transaction, approved by the Audit Committee, on an arm's length basis and within the applicable materiality threshold. The transactions with the other two employees do not constitute Related Party Transactions merely by virtue of their employment.

The Board also noted the transaction is in accordance with the Company's Material Subsidiary Policy, and that being an SME-listed entity, the Company is exempt from Regulation 24(5) of SEBI LODR under Regulation 15(2). Approval is subject to completion of applicable legal and regulatory formalities.

How investors may read it

The rupee amount involved is small at Rs.7,50,000/-. The more notable point is that the shareholding in EC Wheels slips marginally below the 50% mark, which can change how the entity is classified and controlled going forward. Shares being allotted to key employees is often read as an alignment or incentive step. The meeting commenced at 12.00 NOON and concluded at 1.00 P.M.

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