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India Merger Acquisition MCA Regulatory Filings — October 09, 2026

India MCA Merger & Acquisition Tracker

By Gunpowder Editorial ·

14 high priority 3 medium priority 17 total filings analysed

Executive Summary

Across the 17 filings, the dominant theme is corporate restructuring within the Indian MCA framework: an active pipeline of NCLT-sanctioned schemes (Saksoft rectification, Bhagyanagar/Tieramet demerger allotment, Triveni TPTL listing, NBCC-HSCC first motion, Arugn/Planetcast scheme), alongside a large volume of related-party and internal subsidiary capitalisation moves (Hubtown, Nimbus, Expleo, XtraNet, Mirza Global).

Period-over-period data is sparse in the filings themselves, but where it is disclosed the picture is mixed: Hubtown's subsidiary RTPL turnover jumped from Rs 40.45 Lakh to Rs 9,802.79 Lakh, HFCL turnover rose from Rs 3,795 Crore to Rs 4,528 Crore (about 19%), ASI's target Lloyds Engineering grew about 39%, and Nimbus's Hyde Park swung from Rs 3.86 Crore to Rs 0.07 Crore before rebounding to Rs 1.60 Crore. The most material transaction is Popees/Hari Govind's Rs 511 Crore share-swap acquisition of PBCPL, which carries dilution and related-party governance questions. Several Maithan Alloys and ASI stake purchases are tiny, passive, and immaterial to the investor base, while Prodocs Solutions' USD 1.5 million eData acquisition, loan and Rs 32 Crore contingent guarantee to a promoter-linked entity is the main governance concern. Insider trading and pledge data are not present in these filings, so management-conviction signals must be read from the transaction structure rather than insider dealings.

Materiality, sentiment, and priority are scored by Gunpowder’s analysis pipeline. How we score filings →

Filing types in this digest: M&A

Tracking the trend? Catch up on the prior India Merger Acquisition MCA Regulatory Filings digest from October 02, 2026.

Investment Signals (10)

  • Popees Baby Care (Hari Govind) (BULLISH)
    ▲

    Rs 511.33 Crore share-swap for 99.31% of PBCPL, which reported Rs 4,581.72 Lakh turnover in the June 2026 quarter; promoter post-swap holding of 69.63% and an EGM on 18 Nov 2026 give a clear catalyst path

  • ▲

    Target Lloyds Engineering turnover grew about 39% in FY2025-26 after about 21% in FY2024-25, with PAT of Rs 118.27 Crore, and ASI added a 0.034% stake for Rs 4.81 Crore, indicating a constructive view of accelerating growth

  • HFCL (via Maithan Alloys) (BULLISH)
    ▲

    Reported turnover rose from Rs 3,795 Crore (FY2024-25) to Rs 4,528 Crore (FY2025-26), about 19% YoY, and Maithan bought 1,25,000 shares for Rs 29.72 Crore, a passive but supportive signal

  • ESDS Software (via Maithan Alloys) (BULLISH)
    ▲

    FY2025-26 turnover Rs 378 Crore, PAT Rs 62 Crore and net worth Rs 520 Crore, implying roughly 16% net margin; Maithan's Rs 18.15 Crore purchase is a modest, arm's-length positive signal

  • BSE and NSE approved listing of 10,47,54,338 TPTL shares effective 12 Oct 2026 under the composite scheme, a procedural milestone that unlocks standalone value discovery for the power transmission business

  • 1:1 allotment of 3,34,96,434 Tieramet shares to BIL holders (record date 8 Oct 2026) following NCLT Hyderabad approval, creating a clean demerger of the Copper Business with listing to follow

  • ▲

    First motion order dispenses with creditor and shareholder meetings for the wholly owned HSCC merger, shortening the timeline with a 30-day objection window and no share issuance, so the transaction is largely balance-sheet neutral

  • Board approved a 40% eData stake buy (USD 1.5M) from a promoter, taking eData to 100% ownership by 31 Mar 2027, but the transaction is subject to postal ballot approval and the Rs 32 Crore guarantee to a promoter-interested entity is a material contingent liability

  • ▲

    NCLT rectification corrected the appointed date from 01.04.2025 to 01.04.2026 and the Regional Director raised observations on the appointed date and employee transfer terms, which may extend the timeline before final sanction

  • Rs 15 Lakh subsidiary Mirza Global incorporated for footwear manufacturing, retail and e-commerce with no turnover yet; the Rs 15 Lakh authorised capital is immaterial but signals a new distribution channel build-out

Risk Flags (8)

  • Three related party transactions (USD 1.5M equity purchase from promoter Manan Kothari, USD 1.5M loan to eData, and a Rs 32 Crore corporate guarantee to Gemini Innovations where promoter Forum Kapashi is interested) carry combined exposure of roughly Rs 62 Crore; if the borrower defaults and the ~Rs 60 Crore collateral falls short, shortfall comes from internal accruals

  • Popees/Hari Govind Dilution and Control [HIGH RISK]
    ▼

    Issuance of up to 2,60,44,323 equity shares and 98,53,471 convertible warrants at Rs 142.44 creates significant dilution and a shift in promoter control, with authorised share capital increasing from Rs 10.25 Crore to Rs 47 Crore to accommodate it

  • Subscription of Rs 36.78 Crore in RTPL Class A shares raises the parent stake from 72.91% to 74.65%, deepening related-party exposure to a subsidiary whose turnover history is volatile (Rs 63 Lakh to Rs 9,803 Lakh over three years)

  • Target turnover fell from Rs 3.86 Crore to Rs 0.07 Crore before recovering to Rs 1.60 Crore, and the entity has no standalone financials yet; the 66.66% stake is a related-party partnership conversion with the MD holding the remainder

  • Arugn/Planetcast Scheme Procedural Risk [MEDIUM RISK]
    ▼

    NCLT Delhi hearing on the scheme is listed for 8 Dec 2026 and the filing discloses no economic terms, so investors cannot yet assess value impact or whether objections from RBI, SEBI or tax authorities could delay the scheme

  • Saksoft Regional Director Observations [MEDIUM RISK]
    ▼

    Unrectified RD concerns on the appointed date and employee transfer terms persist after the NCLT rectification order, and the rejected requests (RD report paragraph, notice-service detail) leave residual procedural ambiguity

  • Expleo GIFT IFSC Capital Infusion [LOW RISK]
    ▼

    Rs 2.10 Crore equity infusion into the GIFT City subsidiary is a related party transaction with common directorship; allotment is pending and the subsidiary is yet to demonstrate revenue generation

  • The completed stake of 33.33% is below the 50% originally announced in June and August 2026, and the consideration reported (Rs 80 Crore) is half the earlier Rs 160 Crore, raising questions about the revised deal structure and whether the 50% stake will be pursued

Opportunities (8)

  • Listing of 10.48 crore TPTL shares effective 12 Oct 2026 creates a standalone pure-play power transmission vehicle; early price discovery and index inclusion flows are the near-term alpha source

  • 1:1 entitlement on 3.35 crore Tieramet shares plus pending BSE/NSE listing lets BIL holders capture the copper business as a standalone entity; watch the listing date and first-week price discovery

  • Target's 39% turnover growth and Rs 118 Crore PAT, with ASI accumulating at an implied valuation of roughly Rs 962 per share, suggests a growth-plus-accumulation thesis worth tracking against any control or open-offer development

  • Popees Baby Care Consolidation Upside (OPPORTUNITY)
    ◆

    Owning 99.31% of PBCPL with a Rs 4,582 Lakh quarterly turnover creates a consolidated baby-care platform; the 18 Nov 2026 EGM and 19 Oct 2026 relevant date are the key catalysts for re-rating

  • Merger of a wholly owned subsidiary with no share issuance removes inter-company complexity and offers operating synergies; confirmation petition after the 30-day objection window is the next milestone

  • Maithan Alloys Portfolio Accumulation (OPPORTUNITY)
    ◆

    Cumulative purchases of HFCL (Rs 29.72 Crore) and ESDS (Rs 18.15 Crore) in one session show a deliberate investment programme in profitable mid-caps, with ESDS's ~16% net margin as a quality anchor

  • Mirza Global / Footwear Channel Expansion (OPPORTUNITY)
    ◆

    Newly incorporated 100% subsidiary covering manufacturing, retail, wholesale and e-commerce gives Mirza an integrated route to market; first turnover disclosures will be the proof point

  • Expleo GIFT City IFSC Entry (OPPORTUNITY)
    ◆

    IFSCA registration for a GIFT IFSC subsidiary positions Expleo for offshore financial-services revenue; Rs 2.10 Crore capital infusion is modest, so the option value is cheap relative to potential fee income

Sector Themes (5)

  • Scheme-Driven Restructuring Cluster
    ◆

    Five of the in-scope filings (Saksoft, NBCC/HSCC, Arugn/Planetcast, Bhagyanagar/Tieramet, Triveni/TPTL) involve active NCLT or exchange processes, implying a busy approval calendar for Indian mid-cap and PSU restructurings through late 2026 and suggesting that scheme timelines are the key valuation variable.

  • Related-Party Subsidiary Capitalisation
    ◆

    Hubtown (RTPL), Expleo (GIFT IFSC), XtraNet (data centre WOS), Mirza Global and Nimbus/Hyde Park all show parents capitalising wholly owned or majority-owned entities, with amounts ranging from Rs 5 Lakh to Rs 36.8 Crore; the pattern points to group-level structuring for new business lines, particularly data centres, financial services and consumer channels.

  • Passive Stake Accumulation by Listed Investors
    ◆

    Maithan Alloys (HFCL, ESDS) and ASI Industries (Lloyds) made threshold-triggered market purchases at stakes of 0.03% to 0.11% for a combined value of about Rs 52 Crore; these are non-control, arm's-length positions, but they indicate institutional-style portfolio allocation by listed Indian corporates.

  • Growth Momentum in Targets
    ◆

    Where target turnover is disclosed, growth is strong: HFCL about 19%, Lloyds about 39%, ESDS and PBCPL show solid run-rates, while RTPL and Hyde Park demonstrate that small subsidiaries can swing sharply, meaning headline growth should be read against base effects.

  • Governance Scrutiny on Promoter-Interested Deals
    ◆

    Prodocs (promoter stake purchase and guarantee to promoter-linked entity), Hubtown (promoter interest in RTPL subscription) and Popees (promoter control consolidation) show that promoter-interested transactions are proliferating; the common implication is heightened scrutiny of arm's-length claims and minority-shareholder protection through postal ballots and EGMs.

Watch List (8)

  • Prodocs Solutions postal ballot
    👁

    Shareholder vote on USD 1.5M eData acquisition, USD 1.5M loan and Rs 32 Crore guarantee; watch the outcome and any minority dissent before the 31 Mar 2027 completion target.

  • Popees Baby Care EGM
    👁

    Shareholder approval of PBCPL share swap, 2.60 crore shares and 98.53 lakh warrants at Rs 142.44, scheduled for 18 Nov 2026 at 12:00 PM via video conference; relevant date for the issue is 19 Oct 2026.

  • BSE and NSE trading of 10.48 crore TPTL shares under scrip code 544824 and symbol TRIVENIPT effective 12 Oct 2026; monitor first-week price discovery and index treatment.

  • Arugn Technologies / Planetcast NCLT hearing
    👁

    Delhi Bench hearing on the scheme on 8 Dec 2026, with 30-day representation window running from notice; watch for regulator objections from RBI, SEBI or Income Tax.

  • 30-day objection window from the 9 Oct 2026 first motion order, after which the confirmation petition will be filed; watch for objections from unsecured creditors above Rs 1 Crore.

  • Monitor whether the second motion is re-listed and whether the Regional Director's appointed-date and employee-transfer concerns are resolved before sanction.

  • Pending BSE and NSE listing of 3.35 crore Tieramet shares allotted 1:1 on 8 Oct 2026 record date; watch the listing date announcement.

  • Clarification on why the completed stake (33.33%, Rs 80 Crore) differs from the 50% (Rs 160 Crore) announced in June and August 2026, and whether the remaining stake will be acquired.

Filing Analyses (17)
Hari Govind International Ltd. Merger/Acquisition positive materiality 9/10

09-10-2026

Popees Baby Care India Limited (formerly Hari Govind International Ltd.) announced the acquisition of 99.31% of Popees Baby Care Products Limited (PBCPL) via a share swap arrangement. The Board approved a preferential issue of up to 2,60,44,323 equity shares and 98,53,471 convertible warrants at ₹142.44 per share to PBCPL shareholders, with the total consideration valued at ₹511,32,81,777. The acquisition aims to consolidate management control (promoters' post-swap holding at 69.63%) and leverage PBCPL's baby products business, which reported a turnover of ₹4,581.72 Lakh for the quarter ended June 30, 2026. The company also approved increasing authorized share capital from ₹10,25,00,000 to ₹47,00,00,000.

  • · The Board meeting commenced at 04:30 PM and concluded at 09:30 PM on October 08, 2026.
  • · The relevant date for the preferential issue is fixed as October 19, 2026.
  • · The EGM is scheduled for November 18, 2026 at 12:00 PM via video conferencing.
  • · The warrants are convertible into equity shares within 18 months from the date of allotment.
  • · The company has appointed CS Liya Antony as scrutinizer for e-voting.
  • · The acquisition is not a related party transaction, but Shaju Thomas and Linta Purayidathil Jose are common promoters in both companies.
STARLINEPS ENTERPRISES LIMITED Merger/Acquisition neutral materiality 6/10

09-10-2026

StarlinePS Enterprises Limited has completed the acquisition of 12,500 equity shares, representing 33.33% of the issued and paid-up share capital of Celloraa Energy Private Limited, for a total consideration of Rs. 80 Crore. This update follows earlier intimations dated 29 June 2026 and 31 August 2026 regarding a planned 50% stake in the aggregate post-money paid-up equity share capital for Rs. 160 Crore, meaning the completed stake is below the originally announced 50% level for the same consideration range.

  • · The completed stake (33.33%) is below the 50% stake announced in the earlier intimations dated 29 June 2026 and 31 August 2026, while the consideration reported is Rs. 80 Crore versus the Rs. 160 Crore originally cited.
  • · The filing is made under Regulation 30 of the SEBI Listing Regulations and states that the update is also available on the company website.
Saksoft Limited Merger/Acquisition neutral materiality 4/10

09-10-2026

Saksoft Limited disclosed receipt of a rectified order from the Hon'ble NCLT, Chennai Bench (order dated October 1, 2026) correcting typographical and factual errors in the September 16, 2026 order sanctioning the Scheme of Amalgamation of its wholly owned subsidiary Augmento Labs Private Limited into Saksoft Limited. The rectifications cover party designations, scheme annexure references, filing dates, and the appointed date (corrected from 01.04.2025 to 01.04.2026). Certain requested rectifications, including adding a paragraph on the Regional Director's report and a notice-service detail, were rejected by the Tribunal as beyond the scope of Rule 154.

  • · Appointed date of the amalgamation rectified from 01.04.2025 to 01.04.2026 (Clause 1.1.3 of the Scheme)
  • · Second motion petition filing date corrected to 16.12.2025 from 26.12.2025
  • · Regional Director's report dated 05.06.2026 raised observations on the Scheme, including on the appointed date and employee transfer terms
  • · Petitioners' reply to the Regional Director's observations corrected to 09.06.2026 from 02.07.2026
  • · Notices were served on the Regional Director, ROC Chennai, Income Tax Department and Official Liquidator on 04.02.2026
Hubtown Limited Merger/Acquisition neutral materiality 3/10

09-10-2026

Hubtown Limited, through its wholly owned real estate subsidiary arrangement, subscribed to 1,22,60,843 Class A equity shares of Rare Townships Private Limited (RTPL) at an issue price of ₹30 per share (₹10 face value plus ₹20 premium) for a total consideration of ₹36,78,25,290 in cash, raising its stake in RTPL from 72.91% to 74.65%. The transaction was a rights-basis subscription with RTPL's turnover reported at ₹9802.79 Lakh for FY2025-26, a sharp increase from ₹40.45 Lakh in FY2024-25 and ₹63.27 Lakh in FY2023-24.

  • · Allotment date is October 08, 2026, while the filing is dated October 09, 2026
  • · The transaction is classified as a related party transaction because RTPL is a subsidiary, and the company states it was done at arm's length
  • · Promoters and the promoter group are interested to the extent of their shareholding in RTPL
  • · No governmental or regulatory approvals were required for the transaction
  • · RTPL's turnover fell 36.1% from FY2023-24 to FY2024-25 before rising sharply in FY2025-26
  • · Hubtown and RTPL operate in the same line of business, real estate
NBCC (India) Limited Merger/Acquisition neutral materiality 6/10

09-10-2026

NBCC (India) Limited disclosed that the Ministry of Corporate Affairs issued its order on the First Motion application for the Scheme of Amalgamation of its wholly owned subsidiary HSCC (India) Limited (Transferor) into NBCC (India) Limited (Transferee), dated October 9, 2026. The order dispenses with equity and unsecured creditor meetings in the Transferor and equity shareholder meeting in the Transferee, and directs notices to unsecured creditors above Rs 1,00,00,000 and to specified regulators and authorities, with a 30-day objection window. Completion is still subject to a Confirmation Petition after compliance with the directions.

  • · HSCC (India) Limited is a wholly owned subsidiary of NBCC, so no new shares are to be issued as consideration and the scheme does not reorganise NBCC's share capital
  • · Joint petition was filed with MCA on July 20, 2026 under Sections 230-232 of the Companies Act, 2013
  • · Board approvals: HSCC on July 14, 2026; NBCC on April 10, 2026
  • · Order is expressly a special case and not a precedent for other filings
  • · Regulators to receive notices for reports under Section 230(5) include SEBI, NSE, BSE, Regional Director, ROC Delhi, Official Liquidator, Income Tax authorities, MoHUA and state RERAs (UP, Bihar, West Bengal, Rajasthan, Kerala)
Nimbus Projects Limited Merger/Acquisition mixed materiality 3/10

09-10-2026

Nimbus Projects Limited announced the incorporation on October 08, 2026 of IITL Nimbus The Hyde Park Private Limited, converted from the partnership firm IITL Nimbus The Hyde Park in which the company was a partner. The company's capital contribution of Rs. 25,00,000 was converted into 2,50,000 equity shares of Rs. 10 each, giving it a 66.66% stake, with Managing Director Mr. Bipin Agarwal holding the remaining 33.37%. The transaction was described as a related party transaction conducted on an arm's length basis, and the target's turnover history shows a sharp swing from Rs. 3.86 Crores in FY 2023-24 to Rs. 0.07 Crores in FY 2024-25 and Rs. 1.60 Crores in FY 2025-26.

  • · Hyde Park was incorporated on October 08, 2026, following Ministry of Corporate Affairs approval received on October 08, 2026
  • · Hyde Park's FY 2025-26 turnover rebounded to Rs. 1.60 Crores from Rs. 0.07 Crores in FY 2024-25, after declining from Rs. 3.86 Crores in FY 2023-24
  • · No financial statements are yet available for the newly incorporated entity, so turnover is listed as not applicable
  • · No indicative completion timeline applies, as the conversion was already executed
Prodocs Solutions Ltd Merger/Acquisition mixed materiality 7/10

09-10-2026

Prodocs Solutions Limited's Board approved three material related party transactions on 9 October 2026, subject to shareholder approval via postal ballot: (1) acquisition of a 40% equity stake in eData Solutions Inc., USA, for up to USD 1.5 million (approx. ₹15 Crore), purchased from promoter Mr. Manan Hiren Kothari; (2) a loan or financial assistance of up to USD 1.5 million (approx. ₹15 Crore) from Prodocs Solutions Inc., USA to eData Solutions Inc.; and (3) a corporate guarantee, loan and office leasing arrangement with Gemini Innovations Private Limited, in which promoter Ms. Forum Kapashi is interested, with a guarantee of up to ₹32 Crore. The acquisition would take eData's holding to 100% under Prodocs Solutions Inc. (currently 60%), with completion targeted by March 31, 2027.

  • · All three related party transactions are subject to shareholder approval through postal ballot with e-voting only
  • · Loan agreement with eData Solutions Inc. will only be executed after shareholder approval; no loan has been given or taken to date
  • · Corporate guarantee is a contingent obligation; if the borrower defaults and collateral (building valued ~₹60 Crore) is insufficient, Prodocs must cover the shortfall from internal accruals
  • · eData Solutions Inc. turnover declined from ~₹5.23 Crore (Dec 2023) to ~₹5.00 Crore (Dec 2024) and ~₹4.41 Crore (Mar 2026), while eData became a subsidiary only from 30 April 2025
  • · Acquisition is cash-consideration based with completion targeted by March 31, 2027
  • · Board meeting held from 4 PM to 5 PM on 9 October 2026
Bhagyanagar India Limited Merger/Acquisition neutral materiality 6/10

09-10-2026

Bhagyanagar India Limited announced that Tieramet Limited, the resulting company under the NCLT-approved composite scheme of arrangement (which includes demerger of the Copper Business), has approved allotment of 3,34,96,434 fully paid equity shares of face value ₹2 each to BIL shareholders on the record date October 08, 2026, in a 1:1 ratio. The Resulting Company will apply for listing on BSE and NSE in due course, with shares ranking pari passu.

  • · NCLT Hyderabad Bench approved the scheme via order dated September 07, 2026, under Sections 230 to 232 of the Companies Act, 2013
  • · Allotment ratio is 1:1, one Tieramet Limited share for every one BIL share held on the record date
  • · Share allotment was approved by the Executive Committee of Tieramet's Board on October 09, 2026
Clean Max Enviro Energy Solutions Ltd Merger/Acquisition neutral materiality 2/10

09-10-2026

Clean Max Enviro Energy Solutions Ltd disclosed that two wholly owned indirect subsidiaries (Cleanmax Energy (Thailand) Company Limited and Cleanmax IHQ (Thailand) Company Limited) signed a Share Purchase Agreement on 9 October 2026 to acquire 100% of Massmunch Company Limited, a Thailand-incorporated renewable energy generation company, for an enterprise value of Thai Baht 1,250,000. Upon completion, targeted by 31 October 2026, Massmunch becomes a step-down wholly owned subsidiary to expand the company's solar capacity in Thailand. The target has nil turnover and a net worth of Thai Baht 1,213,300 as of 31 December 2025, so the deal is very small in scale.

  • · Massmunch Company Limited was incorporated in Thailand on 27 March 2025 and has no reported turnover for 2023-2025.
  • · Completion is indicatively expected by 31 October 2026.
  • · No governmental or regulatory approvals are stated as required for the acquisition.
  • · The deal is not a related party transaction and no promoter or group company interest is disclosed.
Unknown Merger/Acquisition neutral materiality 4/10

09-10-2026

The National Company Law Tribunal (New Delhi Bench) issued an order on 01.10.2026 in CP CA CAA-63/ND/2026 under Sections 230-232 and 236 of the Companies Act, 2013, for a scheme of arrangement between Arugn Technologies Pvt. Ltd. (Transferor/Petitioner) and Planetcast Media Services Private Limited. The Tribunal directed notice to statutory and sectoral authorities (MCA, Regional Directors, RoCs, Official Liquidators, Income Tax authorities, RBI, SEBI, BSE, and others) for representations within 30 days, and listed the matter for hearing on 08.12.2026. The filing is procedural and does not disclose financial terms, deal value, or the scheme's economic effects.

  • · Chairman's report dated 22.09.2026 confirmed approval of the scheme at the shareholder/creditor meetings, which were dispensed with under the first motion order dated 28.07.2026 in CA (CAA)-43/ND/2026
  • · Petitioner must publish the scheme documents and notice in Business Standard (English, Delhi Edition) and its Hindi translation, and on the company website if any
  • · Matter listed for next hearing on 08.12.2026
Mirza International Limited Merger/Acquisition neutral materiality 3/10

09-10-2026

Mirza International Limited has incorporated a new 100% wholly owned subsidiary, Mirza Global Limited, on October 8, 2026, to carry on the manufacturing, retail, wholesale marketing and e-commerce business of footwear. The parent is making a 100% initial cash subscription to the subsidiary's share capital, which has an authorised share capital of Rs. 15,00,000 (Rs. 15 Lakh), and the entity has not yet commenced business, so no turnover is reported.

  • · Mirza Global Limited CIN: U47710UW2026PLC259729, incorporated in India
  • · Disclosure made under Regulation 30 of SEBI LODR Regulations, 2015, with reference to SEBI Master Circular dated 11 July 2023 (updated 30 January 2026)
  • · No governmental or regulatory approvals required and no indicative completion timeline applicable, as the transaction is an internal incorporation
Triveni Engineering & Industries Limited Merger/Acquisition neutral materiality 6/10

09-10-2026

Triveni Engineering & Industries Ltd. (TEIL) disclosed, under the Composite Scheme of Arrangement with Sir Shadi Lal Enterprises Limited (SSEL) and Triveni Power Transmission Ltd (TPTL), that BSE and NSE approved listing and trading of TPTL's equity shares effective October 12, 2026. TPTL will list 10,47,54,338 fully paid-up equity shares of Re. 2/- each under scrip code 544824 (BSE) and symbol TRIVENIPT (NSE), ISIN INE2WKE01011. The approval marks a procedural milestone in the demerger-style scheme rather than a new deal.

  • · Approval letters from BSE and NSE are dated October 8, 2026; TPTL letter to TEIL dated October 9, 2026
  • · Observation letters governing the disclosure obligation: NSE No. NSE/LIST/46129 dated August 11, 2025 and BSE No. DCS/AMAL/NB/R37/3734/2025-26 dated August 07, 2025
  • · TPTL is a newly listed entity and must now comply with listed-entity obligations, including filing financials for the latest quarter
  • · Disclosure made under Regulation 30 and Part A of Schedule III of SEBI LODR, and SEBI Master Circular dated January 30, 2026
Xtranet Technologies Ltd Merger/Acquisition neutral materiality 3/10

09-10-2026

XtraNet Technologies Limited's Board approved on October 09, 2026 the incorporation of a wholly owned subsidiary, XtraNet Data Centre Private Limited, to establish, develop, own, operate and commercialize data centers and related digital infrastructure in India and abroad. The initial paid-up capital is Rs.5,00,000 (50,000 equity shares of Re 10 each at par), subscribed 100% in cash, and incorporation is pending with the Registrar of Companies (MCA). This is a new-business-line expansion with no disclosed financial impact on current results.

  • · Proposed subsidiary's registered office will be in Bhopal, Madhya Pradesh, India
  • · Incorporation is subject to approval/registration by the Registrar of Companies (MCA) and is still under process
  • · The filing is a Regulation 30 disclosure under SEBI Listing Regulations; it is not an acquisition of an existing business
  • · The filing does not disclose capex plans, funding requirements beyond the initial capital, or expected revenue/timeline for the data centre business
Expleo Solutions Limited Merger/Acquisition neutral materiality 2/10

09-10-2026

Expleo Solutions Limited disclosed under Regulation 30 that its wholly owned subsidiary, Expleo Solutions GIFT IFSC Limited (Gujarat, India), received a Certificate of Registration from the International Financial Services Centres Authority (IFSCA) on October 09, 2026. The parent also made an equity investment of INR 2,10,00,000 (Rupees Two Crores Ten Lakhs) for 21,00,000 equity shares of INR 10 each, with share allotment to follow. This is an internal capital infusion into a subsidiary set up to provide financial services from GIFT City, not a third-party acquisition.

  • · Subsidiary incorporated in GIFT City, Gujarat, a government-developed global financial services hub
  • · Share allotment to the parent is pending and will follow the paid-up share capital infusion
  • · Investment is a related party transaction with the WOS, to be conducted on an arm's length basis; common directorship is the disclosed interest
  • · Regulatory approval required was IFSCA registration, now received; no indicative completion timeline applies
  • · Filing references earlier intimation SEC/SE/007/26-27 dated May 13, 2026
Maithan Alloys Limited Merger/Acquisition neutral materiality 3/10

09-10-2026

Maithan Alloys Limited disclosed the acquisition of 1,25,000 equity shares (0.07% stake) of HFCL Limited through the stock exchange on October 8, 2026, at a total cost of Rs. 29.72 Crore, triggered by a threshold-limit disclosure under Regulation 30 of SEBI (LODR), 2015. The company states the investment is for long-term/short-term investment benefits and that it does not intend to acquire control of HFCL's management. The disclosure contains no mention of any adverse or declining performance metrics for either entity; HFCL's turnover moved from Rs. 3795 Crore in FY 2024-25 to Rs. 4528 Crore in FY 2025-26, while the Rs. 4075 Crore figure refers to FY 2023-24.

  • · Acquisition was not a Related Party Transaction and no promoter/group interest exists in HFCL Limited
  • · No governmental or regulatory approvals were required for the acquisition
  • · Transaction was conducted at arm's length and settled in cash
  • · HFCL Limited was incorporated on May 11, 1987 and operates in India
  • · Maithan Alloys Limited does not intend to acquire control, directly or indirectly, of HFCL's management
  • · Disclosure was made consequent upon crossing a Regulation 30 threshold; the company became aware of the transaction on October 9, 2026 at 10:12 AM
Maithan Alloys Limited Merger/Acquisition neutral materiality 4/10

09-10-2026

Maithan Alloys Limited disclosed under Regulation 30 of SEBI (LODR) 2015 that it acquired 128,155 equity shares (0.11%) of ESDS Software Solution Limited through the stock exchange on 8 October 2026, at a total cost of Rs. 18.15 Crore, triggering a disclosure threshold. The company states the holding is an investment for long-term/short-term benefit and that it does not intend to acquire control of ESDS's management. The disclosure contains no positive or negative financial performance comparison between periods; ESDS reported turnover of Rs. 378 Crore, PAT of Rs. 62 Crore and net worth of Rs. 520 Crore for FY 2025-26.

  • · The acquisition is not a related party transaction and no promoter/promoter group interest exists in ESDS
  • · The transaction was conducted at arm's length
  • · No governmental or regulatory approvals are required for the acquisition
  • · ESDS operates in the IT Enabled Services industry, with presence only in India
  • · Maithan Alloys disclosed the event occurred 8 October 2026 at 3:30 PM and became aware of details on 9 October 2026
ASI INDUSTRIES LIMITED Merger/Acquisition neutral materiality 3/10

09-10-2026

ASI Industries Limited acquired 5,00,000 equity shares (0.034% shareholding) of Lloyds Engineering Works Ltd through the stock exchange on 08 October 2026 for a total cash consideration of Rs.4.81 Crore, stated to be for investment purposes with no intention to acquire control of the target's management. The target reported standalone FY2025-26 turnover of Rs.1052.22 Crore, PAT of Rs.118.27 Crore, and net worth of Rs.1595.31 Crore, while the transaction itself is a very small stake relative to the investor's own scale.

  • · Target turnover grew about 39% in FY2025-26 and about 21% in FY2024-25, both with increasing growth momentum
  • · Transaction was executed at arm's length, with no promoter or promoter group interest in the target and no related party transaction
  • · No governmental or regulatory approvals were required for the acquisition
  • · Disclosure was delayed to the next working day because the company learned of the details of the trade after 3:30 PM outside working hours

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