The Board of Directors have approved Scheme of Merger between Mobavenue Media Private Limited (Wholly Owned Subsidiary) with Mobavenue AI Tech Limited and their respective shareholders.

September 15, 2026 BSE Limited The General Manager - Listing Department of Corporate Services 1st Floor, Phiroze Jeejeebhoy Towers, Dalal Street, Fort, Mumbai – 400001. Scrip Code – 539682 Dear Sir/Madam, Subject: Outcome of the Board Meeting. Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘SEBI Listing Regulations’), we wish to inform you that the Board of Directors (‘Board’) of Mobavenue AI Tech Limited (Formerly known as Lucent Industries Limited) (‘the Company’ or ‘Mobavenue’), at its meeting held today, i.e., Tuesday, September 15, 2026, accorded its approval to the Scheme of Merger between Mobavenue Media Private Limited (‘MMPL’)(wholly owned material subsidiary of the Company) with the Company and their respective shareholders under sections 233 and other applicable provisions of the Companies Act, 2013 (“Act”) (“Scheme”). The implementation of the Scheme is, inter alia, subject to the requisite approvals, as may be required, including that of the Central Government or such other competent authority. The approval of the Scheme marks another significant step in the Company's continuing transformation and its endeavour to create a unified, technology-led and globally scalable business platform. From Lucent Industries to Mobavenue AI Tech Founded in 2010 as Lucent Industries Limited, an education-focused enterprise, the Company has undergone a significant transformation in its business, strategy and operating profile and has evolved into Mobavenue AI Tech Limited, an AI-native advertising technology company focused on redefining how digital advertising is planned, delivered and measured. The transformation of the Company followed the acquisition of control and management by the promoters of Mobavenue Media Private Limited pursuant to an open offer conducted in accordance with the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (“SAST Regulations”). What began as an entrepreneurial technology venture has evolved, through sustained investment in technology, data and people, into a listed AI-native consumer growth platform serving brands across multiple sectors and geographies. The journey has been driven by a philosophy of disciplined growth, prudent capital allocation and a long-term focus on creating sustainable technology businesses. Building a Technology-Led and AI-Native Platform Over the years, Mobavenue has developed unified technology platforms combining advertising, data, artificial intelligence and consumer growth capabilities. The Company's focus has evolved beyond conventional digital advertising towards outcome-led advertising, enabling businesses to identify relevant consumers, convert intent into measurable action and strengthen engagement across the consumer lifecycle. The Company's business continues to be organised around the A3 framework – Awareness, Acquisition and Activation. The objective is not merely to deliver impressions or media reach, but to create measurable business outcomes for advertisers. The competitive strength of the platform is derived from the integration of proprietary technology, accumulated campaign intelligence, AI-led optimisation, programmatic execution and a deep understanding of advertiser objectives. A Defining Year of Transformation FY 2025-26 represented an important milestone in the Company's corporate evolution. The Company completed the integration of the Mobavenue business and adopted the name Mobavenue AI Tech Limited, reflecting its transition towards an AI-native consumer growth company. The new identity represents more than a change in name. It reflects a broader transformation in the Company's ambition, technology architecture, operating model and approach to the global digital economy. During the year, the Company also completed the stock split of its equity shares from ₹10 each to ₹2 each, with the objective of improving liquidity and making ownership in the Company more accessible to a wider base of shareholders. Performance Metrics During FY 2025-26, the Company delivered consolidated revenue of ₹218.48 crore, EBITDA of ₹45.37 crore at a margin of 20.8%, and profit after tax of ₹29.35 crore at a margin of 13.4%. The platforms delivered approximately 42.72 million verified consumer outcomes during the year. Direct clients contributed 73.9% of revenue, reflecting deeper enterprise relationships and stronger retention. The Company collaborated with more than 150 brands across 10 countries. The Company's technology processes more than 125 crore consented and privacy-compliant consumer and campaign signals each day and supports real-time decisions in under 15 milliseconds. These operating metrics reflect the Company's increasing ability to combine technology, scale and operating efficiency while maintaining a focus on profitable growth. Where We Stand Today The digital advertising ecosystem is undergoing a fundamental transformation. AI-driven environments are changing how consumers discover information, while traditional paradigms of reach, relevance and response are being redefined. Mobavenue has been building towards this transition for several years, evolving from a services-led agency into a product-led, global adtech platform backed by proprietary technology, data architecture and its integrated 360 Growth and Marketing Platform. This evolution is reflected in the Company's new brand identity and the launch of the Mobavenue Neural Engine, a unified AI intelligence layer that brings planning, execution, creative generation and reporting together within a single platform, enabling marketers to move from campaign conception to live execution in under 59 seconds. Technology, Governance and Responsible Growth Technology remains at the core of Mobavenue's growth strategy. AI is increasingly becoming not only a feature within the Company's products but also a fundamental part of how the organisation operates. During the year, the Company continued to replace manual and rule-based workflows with intelligent systems across campaign planning, audience recommendations, inventory optimisation, bidding and reporting. The Company's approach is focused on ensuring that every campaign, signal and verified outcome contributes to improving the intelligence and effectiveness of its technology platforms. At the same time, the Company continues to focus on transparency, brand safety, privacy-aware intelligence and responsible handling of data. Strong governance, disciplined execution and accountability remain integral to the Company's approach to sustainable growth. The Board continues to provide strategic oversight through its governance framework, supported by its committees, while the Company continues to invest in its people, leadership capabilities, learning and development and a culture of shared ownership through its ESOP framework. Expanding Beyond India The Company's international expansion also progressed during FY 2025-26. International markets contributed 11.5% of revenue, supported by the launch of operations in the UK and the Company's growing presence across global markets. The Company's cloud-native architecture, proprietary technology and asset-light operating model provide a foundation for developing globally relevant capabilities from India and scaling them efficiently across geographies. The Company remains focused on expanding its enterprise and mid-market relationships in India while selectively building international presence through direct teams, platform partnerships, agencies and resellers. Looking Ahead The Company's priorities for the coming years are centred around three broad areas: First, deepening enterprise and mid-market relationships in India through increased wallet share, sector-led solutions and strategic partnerships. Second, expanding internationally through an asset-light operating model and leveraging the Compa [Showing first 8,000 characters — download PDF for full document]