NIBE Ltd to Sell Step Down Subsidiary Nibe Aeronautics Limited to Promoter Mr. Nibe Ganesh Ramesh

NIBE Ltd announced that its subsidiary, Nibe Defence and Aerospace Limited (NDAL), has entered into a Share Purchase Agreement (SPA) with Mr. Nibe Ganesh Ramesh for the sale of equity shares of Nibe Aeronautics Limited (NAL) held by NDAL. The completion of the transaction is subject to certain conditions precedent as stipulated in the SPA. Upon completion, NAL will cease to be a subsidiary of NDAL and a step-down subsidiary of NIBE Ltd. The transaction is an arm's length related party transaction, with the purchaser being a promoter of the company. The expected completion date is on or before May 30, 2026.