Tunwal E-Motors Limited — Important, 15-01-2025: Disclosure of material issue

Tunwal E-Motors Limited has identified a prior oversight regarding the non-intimation of its acquisition of equity shares from Palsana EV Industries India Private Limited (formerly ASG Mart India Private Limited). The acquisition, executed under a Share Sale and Purchase Agreement, involved purchasing 100% ownership for ₹3.01 crore (cr). This acquisition aligns with Tunwal’s strategic goals to penetrate new markets and enhance capabilities in the electric mobility sector, specifically in manufacturing electric vehicles. The deal is expected to be completed by January 31, 2025, and no regulatory approvals are required. The company has acknowledged the miscommunication and is taking corrective measures to ensure compliance moves forward, highlighting a proactive approach to governance and management efficiency. Investors should note this acquisition as a potential growth driver for Tunwal's future operations.