Indo National’s board has approved the execution of a share subscription agreement and a shareholders' agreement, with Axial Aero (AAPL) and its promoters (transaction documents), for the purpose of an investment of Rs 8.49 crore by way of subscription to class B compulsory convertible preference shares of AAPL, which constitutes 7.70% of the paid-up share capital of AAPL on a fully diluted basis, subject to the fulfilment of certain identified conditions precedent and closing of the transaction documents (Proposed Transaction).
The board of directors of the company has approved the same in the meeting held on March 20, 2025.
Indo National, formerly Nippo Batteries Co., is an India-based company. The company markets various range of LED torch lights to cater to customer requirements.
