Indo National acquires 51% controlling stake in defence-electronics firm Aidin Technologies

M&A / JV 30 Apr 2026· ₹78.05 cr · Completed· ✓ Verified

Indo National subscribed to 9,920 Series A fully paid CCPS and 12,202 Series A-1 partly paid CCPS at face value ₹10 plus premium ₹35,270.84 each. Tranche 1 (31.82%, ₹34.99 cr) completed 29 July 2026; Tranche 2 (₹43.05 cr) due within 12 months, ensuring minimum 51% on full dilution. Aidin (incorporated 2008) designs RF power electronics and embedded systems for electronic warfare, defence communications, satellites, and anti-drone systems; FY25 turnover ₹74.3 cr (169% YoY growth). Bharath Kumar, existing shareholder, retained minority stake and was advised on shareholders' agreement safeguarding.

Why it mattersPreference-share-funded minority acquisition with staged earn-in structure; continued-shareholder carve-out via shareholders' agreement precedent for founder retention in defensive-tech buyouts.
CounselTriumvir Law, Khaitan & Co
SectorEnergy & Renewables
Value₹78.05 cr
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