Nelco Ltd

Strategic partnership and investment

• Nelco to partner with Elveo Mobile to enable next-generation D2D connectivity from space.
• Nelco to invest in Elveo and collaborate across automotive, maritime, energy and government segments.
• Partnership expands Nelco's footprint in India and South Asia with D2D and IoT capabilities.
• Elveo's network and onboard processing to support enterprise-grade solutions including telemetry and monitoring.
• SES becomes strategic investor in Elveo as part of the collaboration.

Acquisition overview

• Target is Lunar Holdco, Inc., doing business as Elveo Mobile, a Delaware satellite comms company.
• Turnover not disclosed; Lunar is pre-revenue until constellation deployment.
• Not a related party transaction; no promoter/group interest.
• Industry: NGSO satellite, D2D, IoT, and Mobile Satellite Services.
• Strategic investment to enable D2D/IoT services in India and beyond.
• Regulatory approvals: India telecom/satellite licenses required; auto-route investment; filings pending.
• Timeline: completed on August 17, 2026 via CCD subscription totaling USD 20 million.
• Consideration: cash via subscription to Compulsorily Convertible Debentures (CCDs).
• Cost: USD 20 million via CCDs carrying 7% annual compounded return, convertible to equity.
• Ownership: percentage not determinable; no control conferred upon conversion.
• Background: Lunar formed Jan 27, 2026; pre-revenue; backed by SES; markets in US, Europe, LatAm, Africa, Asia.

Board outcome

• Board approved and took on record unaudited consolidated and standalone results for quarter ended 30 June 2026.
• Results will be published in the prescribed format.
• Auditors' review observed no material misstatement in the results.

Cost auditors

• Board reappointed P.D.Dani & Associates as Cost Auditors for FY 2026-27.

Meeting Details

• Board meets 16 July 2026 to consider unaudited standalone/consolidated results for quarter ended 30 June 2026.

Other Notes

• Trading window closed from 24 June 2026 until 48 hours after results are declared.

Dematerialisation details furnished

• Details of securities dematerialized during the period furnished to stock exchanges where shares are listed.

Senior management change

• Mr. Kingshuk Basak redesignated as Vice President & Head – Network Operations.
• Effective from April 1, 2026; announced on May 29, 2026.
• He was previously Head-Network Operations & Engineering and already in senior management.
• Promotion cited performance, leadership in technology, operations, and execution skills.
• Employment term remains existing full-time employment.

Meeting Details

• Board meeting scheduled for Friday, May 1, 2026.

Key Agenda Items

• Consider raising funds through loans and/or non-convertible debentures on a private placement basis.
• Consider funding investments in emerging satellite communication businesses and technologies.
• Consider initiating a postal ballot to seek member approval, if required.

Other Notes

• Subject to member approval and other regulatory or statutory approvals, as applicable.

Meeting Details

• Board meeting scheduled for 20th April 2026

Key Agenda Items

• Consider audited standalone and consolidated financial results for quarter and year ended 31st March 2026
• Recommend dividend for financial year ended 31st March 2026

Other Notes

• Trading window closed from 25th March 2026 until 48 hours after results declaration