Bluspring Enterprises Ltd

Volume movement clarification

• There is no information affecting price/volume; material-event disclosures will continue to be promptly communicated.

Amalgamation approval

• Board approved Scheme of Amalgamation between Bluspring New Horizon Two and LSG Sky Chefs India.
• Amalgamation under Section 233 of the Companies Act and related rules; subject to regulatory approvals.

Parties and structure

• Transferor is a wholly owned subsidiary of Bluspring Enterprises Limited; transferee is a wholly owned step-down subsidiary.
• Post-merger, one layer of subsidiary is eliminated; no change in overall shareholding pattern.

Consideration and exchange

• Non-cash consideration; 1 Bluspring New Horizon share exchanged for 1 LSG Sky Chefs share.
• Bluspring Enterprises Limited will be issued equal number of shares in LSG Sky Chefs India Private Limited.

Financials and turnover

• Transferor's first financial year runs Feb 9, 2026 to Mar 31, 2026; no turnover yet.
• Transferee turnover: INR 189.08 crores for year ended Mar 31, 2026 (audited).

Rationale and benefits

• Aims to simplify holding structure and governance, enable future expansion, and achieve cost savings.

Regulatory and other notes

• Deal is exempt from related party transactions due to wholly owned relationship; subject to regulatory approvals.

Bluspring Enterprises Ltd – Trading Window Closure from Oct 01, 2026; shall open on the completion of 48 hours after the declaration of the UnAudited Financial Results (Standalone and Consolidated) of the Company for the Second Quarter (Q2) and Half Year (H1) ending on September 30, 2026, to the Stock Exchange(s).

Meeting Details

• Wednesday, September 30, 2026, 03:00 PM–04:00 PM IST.
• Group meeting, video conferencing.
• Bharat Connect conference organized by Arihant Capital.

Participants

• Company Secretary & Compliance Officer to participate.

Purpose

• Participation in Analyst/Institutional Investor Conference for investor interaction.

Additional Notes

• Schedule subject to change.
• Schedule available on the company website under Investors.

Resignation of CS/CO

• Arjun Sunil Makhecha resigned as Company Secretary, CO and Nodal Officer, effective Sept 10, 2026.

Appointment of CS/CO

• Raman Sapra appointed Company Secretary, Compliance Officer and Nodal Officer, effective Sept 11, 2026.

Governance authority

• KMPs authorised to determine materiality and make disclosures to stock exchanges.

Profile: Raman Sapra

• Raman Sapra is an ICSI Fellow with 16+ years in governance and compliance.

Related party disclosures

• No disclosed relationships with directors or promoters.

KMP designation

• Appointee designated as KMP and Nodal Officer.

Rating Details & Rationale

• Agency: India Ratings and Research (Ind-Ra) assigns IND A/Stable/IND A1 to Vedang's bank loans.
• Instrument: Bank loan facilities of INR 500 million rated IND A/Stable/IND A1.
• Rating action: Assigned by Ind-Ra on Sep 8, 2026.
• Outlook: Stable.
• Strong linkages with parent BEL underpin Vedang's credit profile.
• BEL's pan-India presence and diversified services support growth.
• Consolidated net cash position strengthens liquidity.
• Revenue growth albeit low margins; STEAG Energy Services and LSG Sky Chefs acquisitions expected to boost FY27.
• Elongated working capital cycle; receivable days around 95-106.
• Customer concentration risk; top 10 customers 28-29% of revenue.
• Competitive industry with potential margin pressures; mitigated by BEL's scale.
• Liquidity adequate; INR 499m unencumbered cash and 33% average fund-based utilization.
• Positive sensitivities: EBITDA improvement or higher cash profitability could upgrade.
• Negative sensitivities: Net leverage above 3.0x or weakened BEL linkages could downgrade.
• New rating: Vedang's bank loans receive first-time IND A/Stable/IND A1.