WeWork India Management Ltd

Meeting Details

• Board meeting on Oct 26, 2026; time and venue not disclosed.

Key Agenda Items

• Unaudited standalone and consolidated financial results for quarter and half-year ending Sep 30, 2026.

Other Notes

• Trading window closed from Oct 1, 2026 until 48 hours after results declaration.

NCLT filing details

• Filed Form RSC-1 with NCLT Bengaluru on Sept 11, 2026 seeking sanction.
• Proposed reduction uses ₹20,501.60 million from Securities Premium Account to offset accumulated losses.
• Balance in Securities Premium Account after reduction: ₹21,589.99 million.
• Offsets accumulated losses of ₹20,501.60 million as of March 31, 2026.
• Purpose is to present true and fair view of financial position.
• Approvals from Board and Members already granted (as previously intimated).
• Regulatory process subject to sanction by NCLT and related procedures.
• E-filed on Sept 11, 2026.

ESOP Allotment

• Board approved allotment of 2,79,961 equity shares on ESOP exercise (Sept 8, 2026).
• 2,76,166 shares under 2018 plan; 3,795 under 2021 plan; paid-up capital now ₹1,38,87,02,130.

Project update

• Board accorded in-principle approval for 10 MWp captive solar plant in Karnataka to cut electricity costs.
• Ground-mounted 10 MWp DC plant; commissioning targeted in Q1 2027.
• Expected to generate 15-16 million units annually and raise renewables share to ~50% by FY27.
• 80% of output to Bengaluru centres; 20% for future growth.
• Design life 25 years; supports WeWork India’s goal of 100% renewable electricity by March 2028.
• Karnataka chosen for Bengaluru's size and portfolio electricity consumption (~30%).
• Implementation subject to due diligence and requisite consents and approvals.

Meeting Details

• Date: September 18, 2026; time not disclosed; Jefferies 5th India Forum, Gurugram.

Participants

• Company officials (management) to participate in meetings.

Purpose

• Purpose: investor/analyst meetings to discuss publicly available information.

Notes

• Schedule subject to change due to investor or company exigencies.

AGM Details

• AGM held on August 24, 2026 via VC/OAVM at 12:00 noon.
• Record date: August 17, 2026.
• Remote e-voting conducted August 20–23, 2026.

Resolutions and outcomes

• Resolution 1 (Ordinary): Adoption of standalone financial statements — Passed; 99.38% in favour.
• Resolution 2 (Ordinary): Adoption of consolidated financial statements — Passed; 99.38% in favour.
• Resolution 3 (Ordinary): Re-appointment of Adnan Mostafa Ahmad — Passed; 99.86% in favour.
• Resolution 4 (Special): Reclassification of authorised share capital and MOA amendment — Passed; 99.999% in favour.
• Resolution 5 (Special): Reduction of share capital (Securities Premium) — Passed; 99.9985% in favour.
• Resolution 6 (Special): Alteration of Objects Clause of MOA — Passed; 99.9989% in favour.

Dividend

• No dividend proposed or declared at this AGM.

Director changes

• Re-appointment of Adnan Mostafa Ahmad as director, liable to retire by rotation.

Capital and MOA changes

• Reclassification of authorised share capital and MOA capital clause amended.
• Reduction of securities premium account approved.
• Alteration of MOA objects clause approved.

Auditors

• No auditor appointment or change announced at this AGM.

AGM Details

• Date and time: August 24, 2026, 12:00 IST.
• Mode: VC/OAVM; deemed venue: registered office.
• Remote e-voting: Aug 20–23, 2026; extended 15 minutes post AGM.

Resolutions

• Adoption of Audited Standalone Financial Statements (Ordinary).
• Adoption of Audited Consolidated Financial Statements (Ordinary).
• Re-appointment of Adnan Mostafa Ahmad as director liable to retire by rotation (Ordinary).
• Reclassification of Authorised Share Capital and alteration to MOA (Special).
• Approval of Reduction of Share Capital (Securities Premium) (Special).
• Alteration of the Objects Clause of MOA (Special).

Voting Status

• Voting results pending; to be declared within statutory timelines.

Auditors

• No changes to statutory or secretarial auditors announced.

RPTs

• No material RPTs disclosed.

Other Approvals

• ESOP implementation certificate available; no new ESOP approvals indicated.

Disclosure details

• Target Company: WeWork India Management Limited.
• Disclosing Party: 1 Ariel Way Tenant Limited (not promoter group).
• Transaction Type: Disposal of 3,500,000 equity shares.
• Pre-Transaction Holding: 2,05,35,994 shares (14.82%).
• Transaction Details: Sold 3,500,000 shares (2.53%) via open market – block trade.
• Post-Transaction Holding: 1,70,35,994 shares (12.29%).
• Date: August 14, 2026.
• Share Capital Context: Equity capital before/after: 13,85,90,252.
• Diluted capital after: 13,85,90,252.

Meeting Details

• Date: August 12, 2026; event: Avendus Spark INDX-Asia Edition 2026.
• Type/Mode: Group and one-on-one meetings; location: Hong Kong (physical).

Purpose

• Purpose: investor conference with analysts and institutional investors.

Rating action and instruments

• Term loans ₹501 crore upgraded to [ICRA]A+ (Stable) from A (Stable).
• Overdraft ₹100 crore upgraded to [ICRA]A+ (Stable) from A (Stable).
• Bank guarantee ₹20 crore upgraded to [ICRA]A+ (Stable) from A (Stable).
• Unallocated limits ₹179 crore upgraded to [ICRA]A+ (Stable) from A (Stable).
• Overall upgrade to A+ (Stable) across all long-term facilities.

Rationale and key drivers

• Healthy occupancy at 86% and expansion to 1.27 lakh desks.
• Revenue growth expected 20-25% in FY2027 with higher desk capacity.
• Leverage TD/OPBITDA 0.7x as of Mar 2026; likely below 1.0x FY2027-28.
• Liquidity strong: Rs 308.6 crore cash; Rs 100 crore undrawn overdraft.
• Top 10 clients account for about 23% of FY2026 revenue.
• Promoter Embassy Group holds 49.42% stake; experienced real estate promoter.
• Capex plans FY2027-28 (15k-25k desks/year; Rs 300-450 crore annual outlay).
• Lease renewal risk: ~40% of leases <2 years; 53% FY2027 renewals; 26% FY2028.

Outlook, sensitivities and changes

• Outlook: Stable.
• Upgrade drivers: scale/profitability rise and net debt reduction.
• Downgrade triggers: occupancy/profitability decline or debt-funded expansion with TD/OPBITDA > 2.0x.
• Material change since last rating: upgrade from A to A+ (Stable).
• Liquidity remains strong with capex funded by internal accruals.