India Sector Consolidation Regulatory Filings — September 24, 2026

24-09-2026

Waaree Energies Limited's Board approved a Scheme of Amalgamation to merge Indosolar Limited into itself, aiming to simplify the group structure and create a backward-integrated solar module and cell manufacturing entity. Indosolar, with total assets of ₹404.92 Cr and turnover of ₹68.36 Cr, will be absorbed by Waaree Energies, which has total assets of ₹23,798.16 Cr and turnover of ₹6,221.67 Cr. The merger is subject to regulatory approvals and will see Indosolar shareholders receive 1 Waaree share for every 11 Indosolar shares, with Waaree's public shareholding increasing marginally from 35.88% to 36.09%.

• · The Board meeting commenced at 03:30 PM IST and concluded at 05:45 PM IST on September 23, 2026.
• · The share exchange ratio is 1 equity share of Waaree Energies (₹10 each) for every 11 equity shares of Indosolar (₹10 each).
• · The share exchange ratio was determined by registered valuers SSPA & CO. and GT Valuation Advisors Private Limited, with a fairness opinion from Emkay Global Financial Services Limited.
• · Upon the scheme becoming effective, Indosolar Limited will be dissolved without being wound up.
• · The merger is intended to eliminate continuing related party transactions arising from cell supply and resolve conflicts in allocating cell output between shareholder groups.
• · The scheme is subject to approvals from stock exchanges (BSE, NSE), the National Company Law Tribunal, and shareholders/creditors.

24-09-2026

Maithan Alloys Limited acquired 279,000 equity shares (0.24% stake) of ESDS Software Solution Limited for a total cost of ₹50.19 Crore via the stock exchange on September 23, 2026. The acquisition is an investment move to reap long-term/short-term benefits, and Maithan Alloys does not intend to acquire control of the target. ESDS Software Solution Limited reported a turnover of ₹378 Crore and PAT of ₹62 Crore as of March 31, 2026, with a net worth of ₹520 Crore.

• · The acquisition was executed through the stock exchange and is not a related party transaction.
• · Maithan Alloys Limited does not intend to acquire control, directly or indirectly, of the management of ESDS Software Solution Limited.
• · ESDS Software Solution Limited was incorporated on August 18, 2005, and operates in the IT Enabled Services industry.
• · The target entity's turnover grew from ₹281 Crore in FY 2023-2024 to ₹378 Crore in FY 2025-2026, a 34.5% increase over two years.
• · No governmental or regulatory approvals were required for the acquisition.

24-09-2026

Indo Borax & Chemicals Limited has availed funding of ~₹225 crore from a lending institution to finance the acquisition of equity shares of Kronox Lab Sciences Limited. The funding was obtained on September 23, 2026, and the company will make further disclosures as required under SEBI regulations. No specific performance metrics or updates on the acquisition's progress were provided.

24-09-2026

Euro Pratik Sales Limited disclosed that it hosted an investor conference call on September 24, 2026, to discuss its acquisition of Fabwood Solutions LLP. The audio recording of the call has been made available on the company's website. No financial figures or performance metrics were provided in this disclosure.

• · The investor call was held on September 24, 2026.
• · The audio recording is accessible at https://europratik.com/investors.
• · The acquisition target is Fabwood Solutions LLP.

24-09-2026

FSN E-Commerce Ventures Limited (Nykaa) has completed the acquisition of a 51% stake in Aminu Wellness Private Limited, making it a subsidiary. The transaction, approved by the board on August 4, 2026, has been finalized with all necessary documents executed and shares credited to Nykaa's demat account. No financial terms or performance metrics were disclosed in this filing.

• · The acquisition was initially approved by the board on August 4, 2026.
• · Aminu Wellness Private Limited has become a subsidiary of Nykaa following the completion of the transaction.

24-09-2026

Ventive Hospitality Limited has received a procedural order from the NCLT Mumbai Bench for the amalgamation of its three wholly owned subsidiaries (Eon-Hinjewadi Infrastructure Private Limited, Restocraft Hospitality Private Limited, and Wellcraft Infraprojects Private Limited) into itself. The order directs convening meetings of equity shareholders and unsecured creditors for approval. The scheme, with an appointed date of April 1, 2025, involves no share issuance or change in shareholding pattern as the transferor companies are wholly owned, and is expected to consolidate the group's hospitality business, generate operational synergies, and strengthen the financial position of the merged entity.

• · The appointed date of the scheme is April 1, 2025.
• · The scheme involves no issuance of shares or change in shareholding pattern of Ventive Hospitality Limited.
• · The transferor companies have no secured creditors as of July 31, 2025.
• · The Transferee Company has one secured creditor with an outstanding amount of ₹8,12,35,18,332 as of July 31, 2025.
• · The order is procedural and requires convening meetings of equity shareholders and unsecured creditors for approval.
• · The scheme is subject to final sanction by the NCLT and other regulatory approvals.

24-09-2026

Shreenath Paper Products Limited completed the acquisition of 25,000 equity shares of Shreenath Paper Industries Private Limited (SPIPL) from Mr. Bijoy Ramesh Shah at ₹10 per share, for a total consideration of ₹2,50,000. This increased the company's stake in SPIPL from 50% to 75%, making SPIPL a subsidiary effective September 24, 2026.

• · The acquisition was completed via purchase of existing equity shares from Mr. Bijoy Ramesh Shah at face value of ₹10 per share.
• · SPIPL was incorporated on June 23, 2026, in India, with business in manufacturing paper, board, and paper products.
• · The transaction is not a related party transaction.
• · No regulatory or governmental approvals were required.
• · The acquisition was executed through cash consideration.

24-09-2026

EFC (I) Limited has issued notices to equity shareholders and unsecured creditors regarding a Scheme of Arrangement (Demerger) under which its wholly owned subsidiary, EFC Limited, will demerge its asset-light managed office solutions business into EFC (I) Limited. The NCLT has dispensed with the requirement of holding shareholder and creditor meetings because the demerger involves no issuance of new shares, no change in shareholding pattern, and no compromise or reduction of creditor rights. The scheme is purely a corporate restructuring within the group with no financial impact on shareholders or creditors.

• · The Demerged Company (EFC Limited) is a 100% wholly owned subsidiary of EFC (I) Limited.
• · No new shares are being issued and no consideration is payable under the demerger.
• · There will be no change in the issued share capital or shareholding pattern of EFC (I) Limited.
• · The NCLT order dated September 21, 2026 dispensed with meetings of equity shareholders, secured creditors, and unsecured creditors.
• · Shareholders and unsecured creditors have 30 days from receipt of notice to raise queries or representations.
• · The scheme documents are available on the company's website at https://efclimited.in/investor-relation/other-information-for-shareholder/.

24-09-2026

Allcargo Terminals Limited's Board approved subscribing to 60 equity shares of its associate company Allcargo Group Services Private Limited (AGSPL) via a rights issue for a total cash consideration of ₹1,06,10,400 (₹1.06 Crore). The subscription is in proportion to ATL's existing 25% stake in AGSPL, which has nil turnover and functions as a centralized group services platform. The investment is intended to meet AGSPL's operational and working capital requirements.

• · The Board meeting commenced at 5:45 PM IST and concluded at 6:20 PM IST on September 24, 2026.
• · The subscription is expected to be completed by October 2026.
• · AGSPL was incorporated on September 1, 2018, and has nil turnover for the last 3 years.
• · The promoter/promoter group have an interest in AGSPL as it forms part of the promoter group of the company.
• · The transaction does not constitute a related party transaction under SEBI LODR as the rights issue is uniformly offered to all shareholders.

24-09-2026

Ramgopal Polytex Ltd announced the opening of a takeover open offer by Mr. Pravin Kumar Shishodiya and Mr. Punit Shishodiya to acquire 37,70,000 equity shares at INR 17.10 per share in cash. The offer opens on September 25, 2026 and closes on October 9, 2026, with the Independent Directors Committee deeming the price fair and reasonable. The announcement also serves as a corrigendum to the Detailed Public Statement, incorporating SEBI-directed changes including revised timelines and disclosures of promoter shareholding and past non-compliances.

• · The offer is not a competing offer.
• · The Letter of Offer was dispatched on September 10, 2026 (Identified Date).
• · The tendering period opens on September 25, 2026 and closes on October 9, 2026.
• · The Independent Directors Committee recommended the offer price as fair and reasonable on September 22, 2026.
• · SEBI directed changes include revised schedule, individual promoter shareholding disclosure, and risk factor about Minimum Public Shareholding compliance.
• · A promoter group member, Ramgopal Textiles Limited, had a one working day delay in filing disclosure under Regulation 29(2) for FY 22-23.
• · For FY 22-23 and FY 24-25, disclosures under Regulations 10(6) and 10(7) were filed within prescribed time, but 10(6) was filed individually without reflecting collective holding with Acquirers and PACs.
• · Partly paid-up shares have no voting rights as per clause 76(f) of the AOA.

24-09-2026

Acutaas Chemicals Limited (formerly Ami Organics Limited) has approved the acquisition of 100% of the equity share capital of Enchem Ami Organics Private Limited (EAOPL), a step-down subsidiary, for a cash consideration of ₹1,00,000 (10,000 equity shares at ₹10 each). The acquisition will convert EAOPL from a step-down subsidiary into a direct wholly owned subsidiary of Acutaas. EAOPL, incorporated in June 2024, is engaged in the specialty chemicals business but has reported nil turnover for both FY2024-25 and FY2025-26, indicating it is a pre-revenue entity.

• · EAOPL was incorporated on June 6, 2024, and has nil turnover for both FY2024-25 and FY2025-26.
• · The acquisition is a related party transaction as EAOPL is a step-down subsidiary, but it is being done at arm's length at face value.
• · The acquisition is expected to be completed within one month, subject to applicable formalities.
• · EAOPL is currently a wholly owned subsidiary of Acutaas Chemicals Electrolytes Private Limited (ACEPL), a subsidiary of Acutaas Chemicals Limited.

24-09-2026

Veranda Learning Solutions Limited has fixed October 6, 2026, as the Record Date for its Commerce vertical demerger, under which eligible shareholders will receive 1 equity share of J.K. Shah Commerce Education Limited (JSCEL) for every 1 share held in Veranda. The demerger, sanctioned by the NCLT Chennai Bench, will transfer brands including J.K. Shah Classes, BB Virtuals, Navkar Digital Institute, Tapasya College of Commerce, and Logic School of Management to JSCEL, which will be led by Prof. J.K. Shah as Executive Director & Chairman. JSCEL will subsequently seek listing on BSE and NSE, allowing shareholders to directly participate in the focused commerce education entity's future growth.

• · The demerger was sanctioned by the Hon’ble National Company Law Tribunal (NCLT), Chennai Bench-I.
• · Eligible shareholders will receive 1 equity share of JSCEL for every 1 equity share held in Veranda, without any additional payment.
• · JSCEL will subsequently pursue listing of its equity shares on BSE and NSE.
• · The demerger brings together established brands including J.K. Shah Classes, BB Virtuals, Navkar Digital Institute, Tapasya College of Commerce, and Logic School of Management under JSCEL.