Anant Raj splits real estate and data centre into two listed firms
Board approves composite scheme: merger of Anant Raj Cloud into parent, then demerger into Ashok Cloud with a 1:1 share swap. Demerged business had ₹145.90 cr turnover, 9% of combined FY26 revenue.
— 1 earlier story on Anant Raj Ltd. →What's new
- Board approves demerger of data centre business into Ashok Cloud with 1:1 share entitlement for Anant Raj shareholders.
- Anant Raj Cloud merges into parent first, then data centre vertical is hived off.
- Anant Raj retains a 51% stake in Ashok Cloud post-demerger.
Why this matters
The demerger turns two overlapping businesses into pure-play listed entities. For Anant Raj, it removes the capital-heavy data centre drag; for Ashok Cloud, it opens a direct growth story. The 9% revenue share meets materiality thresholds, and the 1:1 ratio gives existing shareholders proportional upside.
What we're watching
- Shareholder and NCLT approval timelines: the scheme is subject to clearance.
- Listing of Ashok Cloud on BSE and NSE and indicative valuation.
- Any strategic investor interest in the demerged entity given data centre tailwinds.
The full read
Anant Raj's board has followed through on its May signal to split real estate and data centres into separate listed companies. The mechanics: merge wholly owned Anant Raj Cloud into the parent, then demerge the consolidated data centre business into Ashok Cloud. Shareholders get one Ashok share per Anant Raj share, while the parent keeps a 51% stake. The demerged vertical clocked ₹145.90 crore in FY26 turnover, 9% of combined revenue. That share meets materiality thresholds for a mid-cap, and listing will give the data centre business its own valuation, free from the real estate multiple. Approvals from shareholders, creditors, and NCLT remain pending. What changes from here: the structure is known; the price tag on Ashok Cloud is not.
Questions answered
- What exactly is the composite scheme of arrangement?
- It is a two-step process. First, wholly owned subsidiary Anant Raj Cloud merges into Anant Raj. Then, the consolidated data centre business is demerged into Ashok Cloud Private Limited, which will be separately listed.
- How will existing shareholders be compensated?
- For every one share of Anant Raj held, shareholders will receive one equity share of Ashok Cloud. Anant Raj itself will retain a 51% stake in Ashok Cloud.
- What is the size of the demerged data centre business?
- It had a turnover of ₹145.90 crore in the year ended March 2026, accounting for approximately 9% of the combined company's revenue.
- When will Ashok Cloud start trading?
- Ashok Cloud will seek listing on BSE and NSE only after the scheme receives all required approvals from shareholders, creditors, and the National Company Law Tribunal (NCLT). No timeline has been given.
- Was this demerger expected?
- Yes, the market had anticipated a demerger since the May 2026 board meeting. What is new is the specific structure: a merger into parent followed by demerger into Ashok Cloud, and the 1:1 share issuance ratio.
Story so far
All notes on ANANTRAJ →- 21 Jul 2026 · 6:44 PM IST Anant Raj splits real estate and data centre into two listed firms
- today Anant Raj to demerge data centre business into separate listed firm