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India Merger Acquisition MCA Regulatory Filings — October 12, 2026

India MCA Merger & Acquisition Tracker

By Gunpowder Editorial ·

15 high priority 2 medium priority 17 total filings analysed

Executive Summary

This digest covers 17 India MCA merger, amalgamation, demerger and scheme-of-arrangement filings dated 2026-10-12, though the window itself is a single day and most filings describe intra-group restructurings, small subsidiary investments or pre-announcements rather than large third-party deals.

The activity clusters into three buckets: (1) SPV-style TBCB transmission acquisitions (Ceigall/JKJTL and POWERGRID/Lakadia II, both incorporated 09 May 2026 at roughly Rs. 18.4 Cr), which are structurally similar and carry CERC licence-adoption dependencies; (2) intra-group consolidation and demerger mechanics (Emcure's composite scheme, K M Sugar's distillery demerger allotment, Veranda's cost-apportionment guidance, SKM's subsidiary amalgamation); and (3) small strategic stake purchases in growth or adjacent businesses (Minda 26% in Sunsure Solarpark Sixteen, GEM Enviro 26% in Solluz at a revised Rs. 25/share, Lord's Mark's Radio Electric acquisition at Rs. 4.50 Cr). The most consequential item is the Ventive Hospitality appeal against NCLT Mumbai's 23 September 2026 order, which introduces litigation delay risk into an active amalgamation. Period-over-period evidence is thin: Shakti Energy Solutions grew turnover about 10.4% YoY to Rs. 239.11 Cr, PUPL's turnover was roughly flat (7.10 to 7.23 Cr), and Shakti EV Mobility's revenue was volatile (Rs. 372.73 Lacs to Rs. 2,425.41 Lacs). Insider-activity and forward-guidance fields are largely absent across filings, so the catalyst calendar is driven mainly by scheduled board meetings and completion timelines. Overall sentiment is neutral-to-positive with no evidence of acquirer distress, and the principal implication is that near-term price impact is most likely to come from Ventive's appeal, K M Sugar's listing approvals and Aeroflex's 15 October board decision.

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 04, 2026.

Investment Signals (11)

  • ▲

    Distillery demerger effective 01 Oct 2026; 1,84,00,034 new Resulting Company shares allotted on 02 Oct 2026 record date, with listing approval from NSE/BSE still pending, creating a near-term event for holders to track

  • Completed 100% acquisition of Lakadia II Power Transmission (~Rs. 18.43 Cr) as successful TBCB bidder for the 7,500 MW Lakadia REZ Phase II project; a regulated-asset pipeline addition with CERC licence adoption as the remaining gating step

  • ▲

    Committed ~Rs. 18.4 Cr cash to buy 100% of JKJTL under the RFP condition for a TBCB transmission project awarded via LoI dated 02 Sep 2026; no related-party interest, so the step is a standard project-entry cost

  • Lord's Mark Industries (BULLISH)
    ▲

    Acquired Radio Electric Private Limited (Radiotone, founded 1939, debt-free) for Rs. 4.50 Cr cash; target runs at ~50% single-shift capacity with seven-country export reach, implying organic volume upside without large capex

  • Up to Rs. 57.75 lacs for 26% of Sunsure Solarpark Sixteen; target grew turnover ~34.6% YoY to Rs. 963.75 lacs but posted a loss after tax of Rs. (8.88) lacs, a mixed profile for a small strategic stake

  • Revised upward Solluz subscription price from Rs. 24 to Rs. 25 per share (total Rs. 5.28 Cr for 26%), gaining a board nominee, reserved-matter vetoes and ROFO/tag rights, which strengthens governance leverage out of a modest cheque

  • Shakti Energy Solutions (via Shakti Pumps) (BULLISH)
    ▲

    FY26 turnover Rs. 239.11 Cr vs Rs. 216.53 Cr in FY25 (+~10.4% YoY), still above FY24's Rs. 139.59 Cr; Rs. 10 Cr equity infusion funds a 2.20 GW solar cell/module plant in Pithampur, indicating management is committing capital to capacity expansion

  • Shakti EV Mobility (MIXED)
    ▲

    Rs. 5 Cr equity infusion lifts consolidated investment to Rs. 80 Cr, while FY26 turnover of Rs. 2,425.41 Lacs (vs Rs. 372.73 Lacs in FY25) signals a step-change, though the series is volatile across three years

  • Composite scheme absorbing Zuventus (FY26 turnover Rs. 1,040.58 Cr, networth Rs. 871.46 Cr) and loss-making Emcutix (networth Rs. (13.07) Cr) into the parent with no share issuance; rationalisation reduces entity count with no dilution to shareholders

  • Dr. Lal PathLabs (NEUTRAL)
    ▲

    Completed buyout of remaining 30% of CentraPath Labs for up to Rs. 30.3 Cr via PUPL, making it a wholly owned subsidiary; PUPL's turnover moved only 7.10 to 7.23 Cr YoY, so the value case rests on integration rather than current subsidiary growth

  • Rs. 1,000 seed capitalisation of TAAL Precision Products (incorporated 01 Aug 2026) as a wholly owned aerospace precision subsidiary, a small but signalling move into in-house capability with completion targeted within two months

Risk Flags (8)

  • Board approved appeal against Point No. 22 of the 23 Sep 2026 NCLT Mumbai order in the Eon Hinjewadi/Restocraft/Wellcraft amalgamation (CA(CAA) 253/MB/2025), introducing timing uncertainty to an amalgamation already subject to prior filings dating to May 2025

  • Resulting Company's 1.84 Cr share allotment still awaits NSE/BSE listing and trading approval; delay could hold back liquidity and price discovery for demerged holders

  • Lakadia II/Regulatory gating [MEDIUM RISK]
    ▼

    Transmission licence grant and CERC adoption of transmission charges remain outstanding post-acquisition, so revenue recognition for POWERGRID's new SPV and Ceigall's JKJTL depends on regulatory steps not yet taken

  • Emcutix Biopharmaceuticals/Loss-making absorption [MEDIUM RISK]
    ▼

    Subsidiary carries negative networth of Rs. (13.07) Cr on Rs. 29.37 Cr turnover; absorbing it into the listed parent could pressure consolidated profitability until its losses are addressed

  • Target's FY26 loss after tax Rs. (8.88) lacs despite a ~34.6% revenue increase, and the target was only incorporated in 2026, so the investment rests on early-stage execution

  • Shakti EV Mobility/Volatile revenue [MEDIUM RISK]
    ▼

    Turnover swung from Rs. 430.09 Lacs (FY24) down to Rs. 372.73 Lacs (FY25) and up to Rs. 2,425.41 Lacs (FY26), and the parent's consolidated investment has now reached Rs. 80 Cr, raising concentration risk if the revenue step-up does not persist

  • Post-demerger cost split (64.50% VLS / 35.50% JSCEL) is issued as general guidance only, so shareholders face tax-computation uncertainty until individual advice is obtained

  • Board on 15 Oct 2026 will consider acquiring Stilonn Valves stake with no value, stake size or financial terms disclosed, and the trading window is already closed, limiting insider-informed transparency

Opportunities (8)

  • Lakadia II acquisition at ~Rs. 18.43 Cr adds a 7,500 MW REZ Phase II transmission asset to the regulated-return pipeline; value accretion is contingent on CERC licence and charge adoption, which the parent is positioned to pursue

  • Board seat, reserved-matter consent and ROFO/tag rights for Rs. 5.28 Cr at a 26% stake create rights-heavy exposure to a renewable/solar business, with associate status creating equity-accounting upside

  • Lord's Mark/Radiotone capacity headroom (OPPORTUNITY)
    ◆

    Target's ~50% single-shift utilisation and debt-free balance sheet mean incremental revenue can be captured with minimal capex, while the 1939-founded brand's seven-country export base offers a cross-selling channel

  • Shakti Energy Solutions/Solar manufacturing scale-up (OPPORTUNITY)
    ◆

    Greenfield 2.20 GW DCR cell and PV module plant at Pithampur, backed by Rs. 10 Cr parent infusion and a 10.4% YoY turnover rise; successful commissioning would materially lift the subsidiary's revenue base

  • Dr. Lal PathLabs/Full ownership of CentraPath (OPPORTUNITY)
    ◆

    Buying out the remaining 30% of CentraPath (up to Rs. 30.3 Cr) eliminates minority leakage and simplifies consolidation, a clean integration thesis for diagnostics margin capture

  • Composite scheme with no share issuance removes intra-group complexity and lifts operating efficiency at the parent that generated Rs. 5,243.19 Cr turnover and Rs. 3,710.60 Cr networth in FY26

  • Acquiring JKJTL for ~Rs. 18.4 Cr as a condition of the TBCB award establishes a new revenue vertical in power transmission for a company whose project base is otherwise road/infrastructure-focused

  • Fully owned TAAL Precision Products (Rs. 1,000 capitalisation, completion within two months) provides a low-cost option on in-house aerospace precision manufacturing, with upside if the subsidiary is later scaled

Sector Themes (6)

  • Transmission SPV acquisitions under TBCB (THEME)
    ◆

    Two of the 17 filings (Ceigall/JKJTL and POWERGRID/Lakadia II) show SPVs incorporated 09 May 2026 acquired for ~Rs. 18.4 Cr each via the bid process coordinator, both requiring CERC approvals post-acquisition; this structure implies a standardised, competitive entry route for infrastructure players into regulated transmission returns

  • Small strategic minority stakes with governance rights (THEME)
    ◆

    Minda (26%, up to Rs. 57.75 lacs), GEM Enviro (26%, Rs. 5.28 Cr) and Lord's Mark (100%, Rs. 4.50 Cr) show listed companies using modest cheques to buy into renewable, energy and manufacturing adjacencies, with GEM's rights package indicating growing use of board and veto provisions in small deals

  • Intra-group consolidation and demerger mechanics (THEME)
    ◆

    Emcure's composite scheme, SKM's subsidiary amalgamation, K M Sugar's distillery demerger and Veranda's post-demerger cost apportionment together reflect a cluster of corporate-restructuring events prioritising entity rationalisation with no cash consideration or dilution

  • Renewable and solar capacity commitments (THEME)
    ◆

    Shakti Energy Solutions' 2.20 GW cell/module plant, Minda's solar-park stake, GEM Enviro's Solluz investment and Shakti EV's motor/charger business indicate multiple listed companies deploying capital into solar and clean-energy manufacturing or generation during the period

  • Loss-making or early-stage targets in strategic deals (THEME)
    ◆

    Emcutix (networth Rs. (13.07) Cr), Sunsure Solarpark Sixteen (loss after tax Rs. (8.88) lacs) and several incorporated-2026 SPVs show acquirers absorbing early-stage or negative-networth entities, where value depends on integration and regulatory progress rather than current earnings

  • Litigation and listing timing as deal-completion risk (THEME)
    ◆

    Ventive's NCLT appeal and K M Sugar's pending exchange listing approvals show that statutory and tribunal timelines, not deal economics, are the binding constraints on completion in the current Indian M&A cycle

Watch List (8)

  • Monitor outcome of the appeal against Point No. 22 of the 23 Sep 2026 order in the CA(CAA) 253/MB/2025 amalgamation; any tribunal ruling will set completion timing for the Eon Hinjewadi/Restocraft/Wellcraft structure

  • Board to consider the Stilonn Valves and Controls acquisition on Thursday, 15 Oct 2026 at 3:30 p.m.; watch for disclosure of consideration, stake size and financial terms once the decision is taken [15 OCT 2026]

  • Board to consider Q2 and H1 FY27 unaudited results (quarter ended 30 Sep 2026) and the scheme of amalgamation of SKM Universal Marketing into the parent on Friday, 23 Oct 2026 [23 OCT 2026]

  • Track NSE and BSE approval for trading of the 1,84,00,034 new shares allotted on 12 Oct 2026, since listing timing determines when demerged holders can trade the new stock

  • Power Grid & Ceigall/CERC licence adoption (PENDING)
    👁

    Monitor CERC approval for transmission licence grant and adoption of charges for Lakadia II and JKJTL; these approvals are the key revenue-recognition milestones for both TBCB acquisitions

  • Track completion of the revised Rs. 5.28 Cr subscription (Rs. 25/share, 21,10,680 shares) and the associate-status change that follows, which will alter GEM's reported investment accounting

  • Completion of the Rs. 57.75 lacs, 26% stake is expected in approximately six months; watch for progress on the target's loss-making FY26 base and its solar project pipeline [~APR 2027]

  • Emcure composite scheme/NCLT Mumbai (PENDING)
    👁

    Track NCLT Mumbai Bench approval of the draft scheme absorbing Zuventus and Emcutix; the scheme is intra-group with no share issuance, so the key event is tribunal sanction and effective date

Filing Analyses (17)
Ceigall India Limited Merger/Acquisition neutral materiality 4/10

12-10-2026

Ceigall India Limited has entered into a Share Purchase Agreement with REC Power Development and Consultancy Limited to acquire 100% of the equity shares of Jam Khambhaliya Jamnagar Power Transmission Limited (JKJTL) for an aggregate consideration of Rs. 18,39,86,174 (approximately Rs. 18.4 Crore, inclusive of Rs. 5,00,000 subscription cost), paid in cash. JKJTL becomes a wholly owned subsidiary and the acquisition is a condition of the RFP for a Tariff Based Competitive Bidding transmission project awarded under a Letter of Intent dated 02 September 2026. The company was only incorporated on 09 May 2026, so no historical turnover is available.

  • · Acquisition is a condition of the RFP; the company must purchase JKJTL shares from REC Power Development and Consultancy Limited (Bid Process Co-Ordinator) to undertake the project
  • · Letter of Intent dated 02 September 2026 (Ref. RECPDCL/TBCB/Jam Khambhaliya/2026-27/2648) issued to Ceigall India Limited
  • · The transaction is not a related party transaction; promoter and group companies have no interest in JKJTL
  • · JKJTL's authorized and paid-up share capital is ₹5,00,000 divided into 50,000 equity shares of ₹10 each; reported size/turnover is NIL
  • · No governmental or regulatory approvals are stated as required, and no indicative completion timeline is disclosed (both marked Not Applicable)
  • · Filing is a continuation of an earlier letter dated 11 September 2026
SKM Egg Products Export (India) Limited Merger/Acquisition neutral materiality 6/10

12-10-2026

SKM Egg Products Export (India) Limited has intimated a Board Meeting on Friday, 23 October 2026 to consider the unaudited financial results for the quarter and half year ended 30 September 2026, and to approve a scheme of amalgamation of its wholly-owned subsidiary, SKM Universal Marketing Company (India) Private Limited (Transferor Company), into the parent company (Transferee Company). The filing contains no financial figures, so no performance metrics can be assessed from this document.

  • · Board meeting scheduled for Friday, 23 October 2026, held under Regulation 29 of SEBI (LODR) Regulations, 2015
  • · Quarter and half year ended 30 September 2026 unaudited results to be considered at the meeting
  • · Amalgamation is structured as a merger of a wholly-owned subsidiary into its holding company, under the Companies Act, 2013 and SEBI Regulations
  • · Filing is an intimation only; the scheme itself has not yet been approved and no terms, valuation, or share-swap ratio are disclosed
Globus Constructors & Developers Limited Merger/Acquisition neutral materiality 3/10

12-10-2026

Globus Power Generation Limited's Board approved investing up to Rs. 65,00,000 (Rs. 65 Lakh) to acquire a 51% partnership stake in Transtech Punjab CBG LLP from Mr. Amitabh Tandon, a partner in the LLP who is also a Non-Executive Director of the Company. The transaction is classified as a related party transaction, which the company states is at arm's length, and is subject to shareholder approval, with completion indicated post that approval. The target is a small, recently incorporated compressed bio-gas (CBG) and organic manure business with turnover rising from Rs. 1,78,136 in FY 2024-25 to Rs. 5,32,35,196 in FY 2025-26.

  • · Transaction is a related party transaction because promoter group interest exists and Mr. Amitabh Tandon is a Director of the Company and partner in the LLP
  • · Company states the transaction is at arm's length
  • · No governmental or regulatory approvals are required, per the annexure
  • · Completion is indicated to be after approval of the Company's shareholders
  • · Consideration is entirely cash
  • · LLP was incorporated 15 April 2024 at Hanspur, Fatehabad, Haryana, with capital raised from Rs. 10 Lakh to Rs. 1 Crore on 1 October 2025
  • · Filing discloses the Company's entity name as Globus Power Generation Limited; the preliminary entity name Globus Constructors & Developers Limited does not match the filing letterhead
Power Grid Corporation of India Limited Merger/Acquisition positive materiality 4/10

12-10-2026

Power Grid Corporation of India Limited acquired 100% of Lakadia II Power Transmission Limited on 12.10.2026 as the successful bidder under Tariff Based Competitive Bidding for the Lakadia REZ Phase II (7500MW) transmission project in Gujarat, on a BOOT basis. The aggregate acquisition value is about Rs. 18.43 Crore, subject to adjustment against audited accounts as on the acquisition date. The target has not yet started commercial operations and has recorded no turnover.

  • · Target SPV was incorporated on 09.05.2026 by the Bid Process Coordinator under the Guidelines Encouraging Competition in Development of Transmission Projects
  • · Transmission licence grant and adoption of transmission charges still require approval from CERC, to be obtained by Lakadia II after acquisition
  • · The acquisition is not a related party transaction; POWERGRID had no prior interest in the target
  • · Project scope includes construction of 765kV lines through Gujarat and installation/commissioning of a synchronous condenser
Lords Mark Industries Ltd Merger/Acquisition positive materiality 4/10

12-10-2026

Lord's Mark Industries Limited has completed the 100% acquisition of Radio Electric Private Limited, maker of the 'Radiotone' brand, for ₹4.50 Cr in cash, as part of its expansion into specialised electrical manufacturing under its Lighting & Energy Division. The target is a debt-free, profitable operating business founded in 1939 with 40-50 blue-chip domestic accounts and repeat exports to seven international markets, currently running at about 50% single-shift capacity.

  • · Transaction is not a related party transaction and no promoter or promoter group interest is involved.
  • · Target pioneered double-layer Variacs in 1979-80.
  • · Target's export markets include Europe, the USA, Canada, South Africa, Dubai, and the Philippines.
  • · Acquisition intended to enable in-house component manufacturing to improve medical device profitability.
  • · Target currently operates at about 50% single-shift capacity, providing headroom to scale without heavy upfront capex.
Minda Corporation Limited Merger/Acquisition mixed materiality 3/10

12-10-2026

Minda Corporation Limited has executed a Share Subscription Agreement with Sunsure Energy Private Limited and Sunsure Solarpark Sixteen Private Limited to acquire a 26% equity stake in Sunsure Solarpark Sixteen Private Limited, a renewable energy company engaged in setting up ground-mounted, grid-connected solar power facilities. The cash consideration is up to Rs. 57.75 lacs, with completion expected in approximately 6 months. The target reported turnover of Rs. 963.75 lacs for FY2025-26 (up from Rs. 716.20 lacs in FY2024-25), but posted a loss after tax of Rs. (8.88) lacs in FY2025-26.

  • · Transaction is not a related party transaction and no promoter or promoter group interest exists in the target
  • · No governmental or regulatory approvals are required for the acquisition
  • · Target incorporated in 2026 and has presence only in India
  • · Target has no reported turnover for FY2023-24 (not applicable)
  • · Disclosure made under Regulation 30 read with Para B of Part A of Schedule III of SEBI Listing Regulations
Ventive Hospitality Limited Merger/Acquisition negative materiality 6/10

12-10-2026

Ventive Hospitality Limited has approved filing an appeal against Point No. 22 of the September 23, 2026 order of the National Company Law Tribunal (NCLT), Mumbai Bench, in connection with the proposed Scheme of Amalgamation involving Eon Hinjewadi Infrastructure Private Limited, Restocraft Hospitality Private Limited, Wellcraft Infraprojects Private Limited and Ventive Hospitality Limited (CA (CAA) No. 253/MB/2025). The company will keep exchanges informed of material developments.

  • · Filing is made under Regulation 30 of SEBI (LODR) Regulations, 2015, continuing earlier intimations dated May 12, 2025, June 17, 2025 and September 24, 2026
  • · The appeal challenges Point No. 22 of the NCLT Mumbai Bench order dated September 23, 2026
  • · Ventive Hospitality is the Transferee Company; three entities are Transferor Companies in the amalgamation
  • · No appeal filing date or quantified financial impact was disclosed in the filing
Aeroflex Neu Limited Merger/Acquisition neutral materiality 5/10

12-10-2026

Aeroflex Neu Limited has intimated that its Board of Directors will meet on Thursday, October 15, 2026, at 3:30 p.m. to consider and approve the acquisition of equity shares of Stilonn Valves and Controls Private Limited. The company has also noted that its trading window for insider dealing is already closed, as communicated on September 28, 2026. The filing itself discloses no transaction value, stake size, or financial terms; these are expected only after the Board decision.

  • · Board meeting scheduled for Thursday, October 15, 2026, at 3:30 p.m.
  • · Trading window for insider dealing already closed per intimation dated September 28, 2026
  • · Company Code No.: 543743; Trading Symbol: AERONEU
K.M.Sugar Mills Limited Merger/Acquisition neutral materiality 7/10

12-10-2026

K M Sugar Mills Limited disclosed that the scheme of arrangement demerging its Distillery Division into K M Spirits and Allied Industries Limited has taken effect. The Resulting Company's board approved the allotment of 1,84,00,034 fully paid-up equity shares of INR 10 each to eligible shareholders as of the October 02, 2026 record date, and the Resulting Company ceased to be a subsidiary of K M Sugar Mills upon cancellation of its shares held by the Demerged Company.

  • · Scheme effectiveness was disclosed on October 01, 2026, with the allotment approved on October 12, 2026 based on the October 02, 2026 record date
  • · Shares rank pari passu with existing equity shares of the Resulting Company
  • · Allotment is subject to listing and trading approvals from NSE and BSE, which the Resulting Company is currently seeking
  • · Scheme approval follows Observation Letters from NSE and BSE dated January 12 and January 13, 2026, under Sections 230 to 232 of the Companies Act, 2013
Lords Mark Industries Ltd Merger/Acquisition mixed materiality 5/10

12-10-2026

Lord's Mark Industries Limited has acquired Radio Electric Private Limited, the company behind the Radiotone brand, under its Lighting & Energy Division, to expand into specialised electrical and transformer manufacturing. The target, founded in 1939, is described as profitable and debt-free, with approximately 40-50 customers, repeat export customers across seven countries, and a manufacturing facility currently running at about 50% of machine capacity on a single shift. The filing discloses no transaction value, so the financial scale of the deal cannot be assessed from the document.

  • · Transaction value and consideration are not disclosed in the filing
  • · Target is described as profitable and debt-free, but no financial figures (revenue, profit) are provided
  • · Existing facility operates at approximately 50% of machine capacity on a single shift, with headroom for expansion without immediate large capex
  • · Management has not quantified a revenue target, only stating the potential to reach revenues 'running into hundreds of crores' in the coming years
  • · Production continues at the existing facility under a lease arrangement
  • · Target pioneered its double-layer Variac design in 1979-80, widely used by servo stabiliser manufacturers
Emcure Pharmaceuticals Limited Merger/Acquisition neutral materiality 4/10

12-10-2026

Emcure Pharmaceuticals' Board approved a draft Composite Scheme of Amalgamation under Sections 230-232 of the Companies Act, 2013, merging two wholly owned subsidiaries, Zuventus Healthcare Limited and Emcutix Biopharmaceuticals Limited, into the listed parent. The scheme is subject to NCLT Mumbai Bench approval and other statutory approvals, and is an intra-group restructuring aimed at entity rationalization and operational efficiency, with no share issuance or cash consideration. Financially, Emcutix is loss-making on a networth basis (INR (13.07) Cr at March 31, 2026) while Zuventus reported networth of INR 871.46 Cr and FY2025-26 turnover of INR 1,040.58 Cr, versus Emcure's networth of INR 3,710.60 Cr and turnover of INR 5,243.19 Cr.

  • · Emcutix Biopharmaceuticals Limited has negative networth of INR (13.07) Cr while generating INR 29.37 Cr turnover, indicating a loss-making subsidiary being absorbed
  • · No cash consideration is payable and no new shares will be issued, so there is no change in the listed entity's shareholding pattern
  • · The transaction is exempt from related party transaction requirements under Regulation 23(5)(b) of SEBI Listing Regulations and General Circular 30/2014 of MCA
  • · Board meeting ran from 09:45 a.m. to 10:10 a.m. IST on October 12, 2026
Taneja Aerospace & Aviation Ltd. Merger/Acquisition neutral materiality 2/10

12-10-2026

Taneja Aerospace & Aviation Ltd. board approved an investment of ₹1,000 (100 equity shares of ₹10 each, issued at par) to acquire 100% of TAAL Precision Products Pvt. Ltd. (TPPPL), a recently incorporated (August 1, 2026) precision products manufacturer that will become a wholly owned subsidiary. The deal is cash-consideration, classified as a related party transaction on arm's length basis with completion expected within 2 months, and is aimed at enhancing aerospace manufacturing capabilities. TPPPL has no operating turnover history.

  • · Transaction is a related party transaction; Chief Financial Officer and Chief Operating Officer are the related parties, and no promoter/promoter group interest exists in TPPPL
  • · No governmental or regulatory approvals are required for the acquisition
  • · TPPPL was incorporated on August 1, 2026 and has no turnover history for the last 3 years
  • · Board meeting held October 12, 2026, commencing 11:15 AM and concluding 11:30 AM
  • · Target entity operates in India only; no governmental approvals required
Veranda Learning Solutions Limited Merger/Acquisition neutral materiality 6/10

12-10-2026

Veranda Learning Solutions Limited has issued a general guidance communication on the apportionment of cost of acquisition of its equity shares and those of J.K.Shah Commerce Education Limited (JSCEL) following the NCLT-sanctioned composite scheme of arrangement, under which the Commerce Business was demerged from VLS to JSCEL. JSCEL allotted 9,65,06,610 equity shares of Rs.10 each to VLS shareholders on a 1:1 share entitlement ratio, with the record date as October 06, 2026. For tax cost-base purposes, 64.50% of the original cost of acquisition remains with VLS shares and 35.50% is attributed to JSCEL shares; the communication is for general guidance only and shareholders are advised to consult their own tax advisors.

  • · NCLT Chennai Bench sanctioned the scheme by order dated August 20, 2026; the Scheme became effective August 31, 2026 (First Appointed Date), with September 1, 2026 as the Second Appointed Date
  • · Apportionment ratios are based on net book value of transferred assets and VLS net worth as at August 31, 2026, per Section 73 of the IT Act, 2025
  • · Allotment of JSCEL shares is not regarded as a capital gains transfer to the extent covered by the IT Act, and the VLS holding period carries over to the JSCEL shares
GEM Enviro Management Limited Merger/Acquisition neutral materiality 5/10

12-10-2026

GEM Enviro Management Limited has entered into a revised Share Subscription Agreement dated October 12, 2026 with Solluz Energy Private Limited to acquire 21,10,680 equity shares, representing 26% of Solluz's share capital, for Rs. 5,27,67,000 (Rs. 5.28 Cr). The issue price was revised upward from Rs. 24 to Rs. 25 per share, increasing the total investment from Rs. 5,06,56,320 (approx. Rs. 5.07 Cr); the company will receive a board nomination right and reserved-matter consent rights, and Solluz will become an associate of the company.

  • · Transaction is not a related party transaction; Solluz has no promoter/promoter group relationship with GEM Enviro, and the company held no prior shareholding in Solluz
  • · Upon completion, Solluz becomes an associate of GEM Enviro
  • · GEM Enviro gains right to nominate one director to Solluz's board, pre-emptive rights, first right on further equity issues, right of first offer on promoter share transfers, tag-along rights, and consent rights over reserved matters including capital structure changes
  • · Revision is referenced to an earlier corporate announcement dated August 11, 2026
Dr. Lal Path Labs Ltd. Merger/Acquisition neutral materiality 2/10

12-10-2026

Dr. Lal PathLabs Limited has subscribed to additional equity shares of its wholly owned subsidiary PathLabs Unifiers Private Limited (PUPL) on October 12, 2026, with the proceeds, not exceeding INR 30.3 Crore, used by PUPL to acquire the remaining 30% equity stake in CentraPath Labs Private Limited (CPL), making CPL a wholly owned subsidiary of PUPL. The transaction is classified as a related party transaction on an arm's length basis and has been completed. PUPL's turnover was 7.23 Crore in FY 2026, up slightly from 7.10 Crore in FY 2025, while still below 7.28 Crore in FY 2024, indicating a mixed trend over the period.

  • · Transaction is a related party transaction conducted on an arm's length basis
  • · No governmental or regulatory approvals required
  • · Consideration is entirely cash
  • · PUPL remains a wholly owned subsidiary of the Company post-transaction
  • · PUPL was incorporated on December 12, 2018 in National Capital Territory Delhi
  • · Transaction status is reported as completed
Shakti Pumps (India) Limited Merger/Acquisition mixed materiality 3/10

12-10-2026

Shakti Pumps (India) Limited invested Rs. 5.00 Crore in its wholly owned subsidiary Shakti EV Mobility Private Limited by subscribing to 50,00,000 equity shares of Rs. 10 face value, taking the consolidated investment in the subsidiary to Rs. 80.00 Crore. The subsidiary, engaged in manufacturing electric vehicle motors and controllers and chargers, reported FY 2026 turnover of Rs. 2,425.41 Lacs, up from Rs. 372.73 Lacs in FY 2025, though FY 2026 turnover was also above FY 2024's Rs. 430.09 Lacs, which itself was higher than FY 2025, indicating volatile revenue performance across the three years.

  • · Investment is made entirely in cash, by subscription to equity shares of the subsidiary, with no government or regulatory approvals required and completion on the same day
  • · The transaction is not a related party transaction and is at arm's length, as the subsidiary is wholly owned
  • · The subsidiary was incorporated on 16 December 2021 and operates in India
  • · FY 2025 turnover declined about 13.4% from FY 2024, before rebounding sharply in FY 2026
Shakti Pumps (India) Limited Merger/Acquisition positive materiality 4/10

12-10-2026

Shakti Pumps (India) Limited has invested Rs. 10.00 Crore in its wholly owned subsidiary Shakti Energy Solutions Limited (SESL), which is establishing a greenfield 2.20 GW Solar DCR cell and Solar PV modules manufacturing plant in Pithampur, Madhya Pradesh. SESL reported FY26 turnover of Rs. 239.11 Crore, up from Rs. 216.53 Crore in FY25 (approximately 10.4% growth), though this remains above the Rs. 139.59 Crore recorded in FY24. The investment is an intra-group capital infusion, not a third-party acquisition, and requires no government or regulatory approvals.

  • · The investment is into a wholly owned subsidiary, so it does not qualify as a related party transaction and arm's length basis is not applicable
  • · Equity shares will be issued from time to time as per the agreement
  • · The company was incorporated on 06 September 2010
  • · The investment is a same-day completion via cash subscription
  • · SESL is an existing manufacturer of solar structures and solar rooftop products, expanding into DCR cell and PV module manufacturing

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