Board approves China wholly owned subsidiary and Rs 1,500 million tender-offer buyback at INR 960 per share

Board approved a Wholly Owned Subsidiary in China (WFOE/LLC) for logistics, commitment up to USD 2 Million, 100% held.

Tue 29 Sep 2026

Subsidiary Location

People's Republic of China (Shanghai or Shenzhen Free Trade Zone)

Subsidiary Financial Commitment

up to USD 2 Million

Buyback Share Count

up to 1,562,500 shares (2.03% of paid-up capital)

Buyback Price

INR 960 per share

Buyback Total Size

up to INR 1,500,000,000

New subsidiary in China

The Board approved incorporating a Wholly Owned Subsidiary in the People's Republic of China, to be set up as a Wholly Foreign-Owned Enterprise (WFOE) in the form of a Limited Liability Company.

• Business: logistics and supply chain management
• Purpose: support the international logistics network and develop an integrated India–China–Far East logistics corridor
• Initial focus: operations in one of the Free Trade Zones of Shanghai or Shenzhen
• Financial commitment: up to USD 2 Million, in one or more tranches, which may comprise equity contribution, loan and/or guarantee in the form of a Standby Letter of Credit
• Consideration in cash; the Company will hold 100% of equity share capital and control
• The name and date of incorporation will follow approvals in China; registrations and approvals in China and/or India apply, along with FEMA and Overseas Investment rules

Buyback approved

The Board also approved a buyback of up to 1,562,500 fully paid-up equity shares of face value INR 2 each.

• Represents up to 2.03% of the total paid-up equity share capital
• Buyback price: INR 960 per equity share, payable in cash
• Buyback size: up to INR 1,500,000,000
• That is 6.76% of paid-up equity capital and free reserves on a standalone basis and 6.15% on a consolidated basis, as per audited financials as at March 31, 2026
• Route: proportionate basis through the tender offer route, open to all shareholders on the record date except promoters and promoter group
• Record date: October 9, 2026
• Promoters and promoter group have expressed their intention not to participate
• Buyback size excludes transaction costs such as brokerage, taxes, stamp duty, update and advisory fees

The Board has formed a Buyback Committee and delegated powers to it. Until one working day before the record date, the Board or Committee may increase the buyback price and reduce the number of shares, keeping the buyback size unchanged.

Pre-buyback shareholding as on September 25, 2026

• Total equity shares: 76831142, held by 47787 shareholders
• Promoter and Promoter Group: 52749590 shares, 68.66%
• Mutual Funds: 8631817 shares, 11.23%
• Resident individuals up to Rs. 2 Lakhs: 6920498 shares, 9.00%
• Foreign Portfolio – Corp: 2322258 shares, 3.02%

The public announcement and letter of offer with the process and timelines will be released in accordance with the Buyback Regulations. The post-buyback shareholding pattern will be ascertained after completion. The Board meeting ran from 11:15 AM to 1:30 PM.

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