Disclosure regarding share allotment by subsidiary company pursuant to rights issue.
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Indag Rubber Limited's subsidiary, Millenium Manufacturing Systems Private Limited (formerly Indergy Power Systems), has allotted 10,20,000 equity shares of Rs. 10 each to Indag Rubber via a circular resolution on April 30, 2025, for a total consideration of Rs. 1.02 crore. The allotment was made on a pro-rata basis to all shareholders, so Indag Rubber's 51% holding in the subsidiary remains unchanged. The subsidiary, which manufactures power conversion systems for battery energy storage in the green energy sector, raised funds for business growth and general corporate purposes, reporting a turnover of Rs. 360.14 lakhs in FY 2024-25. The other two shareholders — Elcom Innovations (24.5%) and Sun Renewables WH (24.5%) — are related parties under common promoter control.
This is a routine pro-rata capital infusion that preserves Indag Rubber's existing 51% stake in its green energy subsidiary without diluting control. The modest size (Rs. 1.02 crore) and purpose (working capital and general corporate needs) suggest no material change in the parent's financial position or strategic direction.