Outcome of Board Meeting

To: To: BSE Limited The Manager Corporate Relationship Department, Listing Department, PJ Towers, The National Stock Exchange of India Limited, Dalal Street, “Exchange Plaza”, Bandra – Kurla Complex, Mumbai -400001 Bandra (EAST), Mumbai – 400051 BSE SCRIP CODE: 543896 NSE SYMBOL: AVALON Sir/Madam, Sub: - Outcome of Board Meeting under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015 This is to inform you that the Board of Directors at its meeting held today, i.e., September 03, 2026, has, inter alia, considered and approved the following matters: 1. Execution of Joint Venture Agreement Execution of a Joint Venture Agreement (“JVA”) between Avalon Technologies Limited (“Avalon”) and Zollner Elektronik AG (“Zollner”), a leading European electronics manufacturing services (EMS) company, to establish a joint venture company, called “Zollner Avalon Private Limited” or such other name as may be approved by the Registrar of Companies (“Company”), wherein Zollner will initially hold a 51% stake and Avalon will hold a 49% stake. After occurrence of conditions set out in the JVA, Avalon may elect to acquire incremental 2% stake in the Company and own 51% of the Company. Avalon and Zollner propose to establish a long-term India-based manufacturing and services platform for Printed Circuit Board Assembly (PCBA), box-build and system integration, testing, validation, industrialization support, sourcing, supply-chain coordination, logistics and related after-sales services. Manufacturing operations are intended to be restricted to India, supporting domestic business, exports from India and selected multi-region or global customer programs in which India forms part of the agreed manufacturing footprint. 2. Incorporation of a wholly owned subsidiary Incorporation of a wholly owned subsidiary to be named as “Zollner Avalon Private Limited” or such other name as may be approved by the Registrar of Companies, with an authorized share capital of INR 2,00,000 (Indian Rupees Two Lakh), comprising 20,000 (twenty thousand) equity shares of INR 10 (Indian Rupees Ten) each. The Board further noted and approved that the proposed company shall initially be incorporated as a wholly owned subsidiary of Avalon, following which Zollner shall subscribe to equity shares representing 51% of the issued and paid-up share capital of the proposed company. Following the above and incorporation of the Company, the Company will accede to the JVA by executing a deed of accession (“Proposed Transaction”). The Proposed Transaction contemplated under the JVA is subject to receipt of requisite approvals, finalization of other definitive documents, and fulfilment of the conditions prescribed in the JVA. 3. Appointment of Mr. CG Balaji as an Additional Director (Independent Category) Based on the recommendation of the Nomination and Remuneration Committee, the Board approved the appointment of Mr. CG Balaji (DIN:11879293) as an Additional Director designated under Independent Category of the Company, for a period of 5 consecutive years with effect from September 03, 2026, subject to the approval of the Shareholders in the ensuing Annual General Meeting of the Company. 4. Re-appointment of Mr. Kunhamed Bicha as the Chairman & Managing Director of the Company Based on the recommendation of the Nomination and Remuneration Committee, the Board approved the re- appointment of Mr. Kunhamed Bicha (DIN: 00819707) as the Chairman & Managing Director of the Company for a further period of 5 consecutive years, with effect from July 12, 2027, subject to the approval of the Shareholders in the ensuing Annual General Meeting of the Company. 5. Re-appointment of Mr. Venkataramani Anantharamakrishnan as an Independent Director of the Company Based on the recommendation of the Nomination and Remuneration Committee, the Board approved the re- appointment of Mr. Venkataramani Anantharamakrishnan (DIN: 00277816) as an Independent Director of the Company for a second term of 5 consecutive years with effect from July 07, 2027, subject to the approval of the Shareholders in the ensuing Annual General Meeting of the Company. 6. Re-appointment of Mr. Byas Unnikrishnan Nambisan as an Independent Director of the Company Based on the recommendation of the Nomination and Remuneration Committee, the Board approved the re- appointment of Mr. Byas Unnikrishnan Nambisan (DIN:01342141) as an Independent Director of the Company for a second term of 5 consecutive years with effect from July 19, 2027, subject to the approval of the Shareholders in the ensuing Annual General Meeting of the Company. The meeting commenced at 05.00. P.M. (IST) and concluded at 05.25. P.M (IST). The details in respect of the above-mentioned items as required under Regulation 30 read with Schedule III, Part A, Para A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with the SEBI Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026, are attached as Annexures. You are requested to take the above information on record. Yours sincerely, For Avalon Technologies Limited Name of the Person: Mr. Ajay Shukla Designation: Company Secretary & Compliance Officer M. No: A36992 Date: September 03, 2026 ANNEXURE Execution of the Joint Venture Agreement (“JVA”) between Avalon Technologies Limited (“Avalon”) and Zollner Elektronik AG (“Zollner”) Sl. No Particulars Details Joint Venture Agreement (“JVA”) has been executed Name(s) of parties with whom the agreement 1. by and between Avalon Technologies Limited is entered; (“Avalon”) and Zollner Elektronik AG (“Zollner”) 2. Purpose of entering into the agreement; To establish long-term India-based manufacturing and services platform dedicated to the business of manufacturing and trading of Printed Circuit Board Assembly (PCBA), box-build and system integration, testing, validation, industrialisation support, sourcing, supply-chain coordination, logistics, and related after-sales services, as set out in greater detail in the JVA. The business will be carried out by the Joint Venture Company to be incorporated as “Zollner Avalon Private Limited” (“Company”). 3. Shareholding, if any, in the entity with whom None. the agreement is executed 4. Significant terms of the agreement (in brief) Zollner and Avalon propose to establish a joint special rights like right to appoint directors, venture Company in India with a shareholding of first right to share subscription in case of 51% (fifty one percent) and 49% (forty nine percent) issuance of shares, right to restrict any change respectively. Initially, the Company will be set-up as in capital structure etc.; a wholly owned subsidiary of Avalon and Zollner will subsequently acquire a 51% stake in the Company, subject to satisfaction of conditions set forth in the JVA. Within two years following the third anniversary of the date on which the Company commences commercial production at its manufacturing facilities, Avalon may elect to exercise a call option and acquire an incremental 2% shareholding in the Company. The call option would be transacted at the price determined using the methodology set forth in the JVA. The 51% shareholder has the right to appoint 3 directors to the board of the Company, while the 49% shareholder has the right to appoint 2 directors. In case of any new issuance of shares, a standard pre- emptive right is available to both shareholders of the Company. Share transfers are subject to the right of first refusal and tag along rights of the non-transferring shareholder. The JVA also has customary restrictive covenants such as non-compete and non-solicitation clauses. 5. Whether, the said parties are related to No promoter/promoter group/ group companies in any manner. If yes, nature of relationship; 6. Whether the transaction would fall within No. related party transactions? If yes, whether the same is done at “arm’s length”; The Joint Venture Agreement does no [Showing first 8,000 characters — download PDF for full document]