Avantel Ltd

Governance approvals via postal ballot

• Re-appoints Abburi Siddhartha Sagar as Executive Director, Strategy and Business Development, for five years (Mar 2027–Mar 2032).
• Appoints Peddi Bala Bhaskar Rao as Director (Operations) for three years, Jul 11, 2026–Jul 10, 2029.
• Re-appoints Vyasabhattu Ramchander as Independent Director for a second five-year term (May 2027–May 2032).
• Special Resolution via postal ballot approved all three appointments on Aug 16, 2026.

Resolutions

• Resolution 1 (Special): Re-appoint Abburi Siddhartha Sagar as Executive Director; approved with 99.98% in favour.
• Resolution 2 (Special): Appoint Peddi Bala Bhaskar Rao as Director (Operations); approved with 99.98% in favour.
• Resolution 3 (Special): Re-appoint Vyasabhattu Ramchander as Independent Director; approved with 99.987% in favour.
• Material impact: governance changes with three director appointments; no capital actions.

Voting process and key dates

• Record date: 14-07-2026; remote e-voting 18 Jul–16 Aug 2026; Scrutinizer's report dated 17 Aug 2026.
• Total shares polled: 110,456,342; approvals ~99.99%.

Order details

• Awarding entity: Larsen & Toubro Limited (domestic).
• Scope: Services for Satcom Products.
• Value: Rs 20.81 crores, inclusive of taxes.
• Execution period: To be completed by July 2027.
• Promoter/group: Not Applicable; related party transactions: Not Applicable.

Postal ballot and e-voting details

• Board approved Postal Ballot for member approval via remote e-voting.
• Communications dispatched to shareholders with unregistered emails; Notice links to Postal Ballot Notice.
• Remote e-voting window opens July 18, 2026 at 08:00 IST and closes August 16, 2026 at 17:00 IST.
• Cut-off date for voting entitlement is July 14, 2026.
• Members must register or update their emails to receive notices electronically.
• Notice available on Avantel website and on BSE, NSE, and KFin evoting portals.
• Physical holders can update email via Form ISR-1 with RTA.
• KFin contact details provided for undelivered communications.

Resolutions

• Resolution 1 (Special): Re-appoint Abburi Siddhartha Sagar as Executive Director for five years; experienced in strategy and tech.
• Resolution 2 (Special): Appoint Peddi Bala Bhaskar Rao as Director (Operations) for three years; 30+ years in RF.
• Resolution 3 (Special): Re-appoint Vyasabhattu Ramchander as Independent Director for five years; age 75 during term.
• Outcome: All resolutions are pending; results to be announced on August 17, 2026.

Issue Overview

• Type: rights issue of equity shares.
• Total issue size: reported; no undersubscription.
• Main objectives: GSaaS machinery procurement and vendor payments.

Utilisation of Proceeds

• Utilisation largely per offer document; no deviation in use per MA, but timing deviations noted.
• Objects 1 and 2 timing deviations; unutilised amounts carried forward to next financial year per Board approval.
• Unutilised funds carried forward; some idle funds observed in the monitoring arrangement.
• Some objects fully utilised; vendor payments settled through monitoring account.

Governance and Compliance

• Audit Committee and Board reviewed the monitoring report; no further approvals indicated.
• Material deviations: timing deviation for Objects 1 and 2; carry-forward approved by Board.
• No adverse regulatory actions reported.

GCP

• GCP not disclosed as a separate object in the monitoring report.

Key governance and board changes

• Abburi Siddhartha Sagar re-appointed as ED (Strategy) for five years to 7 Mar 2032, Postal Ballot.
• Peddi Bala Bhaskar Rao appointed Additional Director (Operations) for 3 years, 11 Jul 2026–10 Jul 2029, Postal Ballot.
• Vyasabhattu Ramchander re-appointed Independent Director for second five-year term 2027–2032, Postal Ballot Special Resolution.
• Audit Committee reconstituted: Ramchander (Chairman, Independent), Kalghatgi, Acharyulu.
• Nomination & Remuneration Committee reconstituted: Harita Vasireddi (Chairman), Ramchander, Kalghatgi, Tamilmani.
• Stakeholders Relationship Committee reconstituted: Acharyulu (Chairman), Siddhartha Sagar (Executive Director), Vasireddi.
• Siddhartha Sagar holds 8.47% equity (2,25,15,377 shares).
• Peddi Bala Bhaskar Rao holds 0.05% equity (1,41,965 shares).
• Ramchander holds no shares.
• All appointees are not debarred by SEBI or other authorities.