File photo | Representatives of Zollner Elektronik AG and Avalon Technologies Limited at the September 2026 joint venture announcement. Photo credit: Zollner Elektronik AG.
India’s Avalon Technologies Limited will seek shareholder approval on 21 November 2026 to issue up to ₹425 crore in convertible warrants to Germany’s Zollner Elektronik AG. Avalon’s board approved the proposal on 27 October, and the company reiterated in its 12 November results release that the issue remained subject to shareholder approval.
What the warrant issue would give Zollner
Avalon proposes to issue up to 19,37,808 warrants at ₹2,193.20 each. Each warrant would allow Zollner to subscribe to one equity share in listed Avalon Technologies within 18 months of allotment. According to Avalon’s board filing, full conversion would give Zollner a 2.82% stake in Avalon.
Avalon incorporated the venture’s operating company in October
TheDialog reported in September that Avalon and Zollner had agreed to establish a joint venture in India for printed circuit board assembly, box-build manufacturing and system integration. The agreement sets out an initial ownership split of 51% for Zollner and 49% for Avalon.
In a 20 October stock exchange filing, Avalon said it had incorporated Zollner Avalon Private Limited the previous day as a wholly owned subsidiary. Under the joint venture agreement, Zollner is due to subscribe for a 51% stake in the new company, subject to the agreement’s terms.
