M&A
Acquisitions, CCI approvals, open offers, corporate actions.
Antony Waste enters e-bus cleaning with ₹26,000 stake
The waste handler paid a nominal sum for a 26% stake in an SPV that will operate 800 electric buses in Delhi. The real play is extending its Click2Clean service to a government-backed transport vertical.
Dalmia wins Bhilai Jaypee cement assets under IBC, adds 3.3 MTPA
The resolution plan adds grinding and clinker units in central India, taking Dalmia's capacity to ~55 MTPA; NCLT approval pending.
Anlon Healthcare to consider share swap for full control of two units
Board to meet July 30 to approve acquiring remaining 32.52% in Apiqo Organics and 43.33% in Bizotic LifeScience via preferential equity; no valuation disclosed.
Jayant Infratech pulls 11% dilution plan, scraps acquisition
Board withdrew the preferential issue of 12.55 lakh shares and terminated the Business Transfer Agreement. The issue had cleared shareholders but was pending BSE approval. Management says restructuring, no financial harm.
Bondada Engineering buys 60% in 225 MW solar SPV
Acquires control of Onix IPP, which holds a 225 MW solar project under PM-KUSUM with a 25-year PPA from MSEDCL, securing an estimated annual revenue stream of ₹150.48 crore.
Taneja Aerospace restructures: exits Zenith stake, buys its SEZ unit
The micro-cap has signed a deal to sell its equity investment in Zenith Precision to promoters and acquire Zenith's SEZ division as a going concern, but no financial details are disclosed.
Anant Raj to demerge data centre business into separate listed firm
Board approves composite scheme to hive off Ashok Cloud, with 1:1 share entitlement. Move creates two pure-play entities and may create value.
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.
Adani Energy buys IntelliSmart for ₹3,050 cr, becomes top smart-meter player
Q1 profit up 42% to ₹1,236.56 cr, but the big news is the all-cash acquisition that hands Adani Energy Solutions a 4.7 crore-meter platform.
Adani Energy signs binding ₹3,050 cr IntelliSmart deal
Binding agreement for 100% of IntelliSmart creates India's largest smart metering platform with 4.7 crore meters. Q1 revenue climbs 43%, net profit more than doubles to ₹1,236 crore.
Lupin spins out two oncology assets into new company, takes 82% stake
Lupin's US unit licenses PRMT5 and SOS1 programs to Kaveri Therapeutics for $1.6M in equity, a tiny bet against a ₹1,07,152 cr market cap.
ACE posts record Q1 profit, forms JV with Japan's KATO for heavy cranes
The 50:50 JV covers truck, crawler and rough terrain cranes for domestic and export markets. Q1 revenue jumps 20.5% to ₹840 cr; net profit at ₹120 cr.
Tirupati Foam sells idle land for ₹30 cr — equal to its market cap
The board approved the sale of a 9,325 sqm plot in Greater Noida to Neumann Components for at least ₹30 crore, subject to shareholder nod at the AGM. The deal could nearly double the company's cash reserves.
ASI Industries puts ₹5.27 cr into Lloyds Engineering as treasury play
The Rajasthan-based stone miner acquires a 0.041% passive stake in the heavy machinery maker, following its recent exit from a larger Lloyds group position. The investment is 2.5% of ASI's own market cap.
Kotak to buy Deutsche Bank India retail for ₹281 cr; Q1 profit up 26%
The deal adds 150,000 customers, ₹29,000 cr advances and ₹16,000 cr deposits. Management flagged a 12-15 bps credit cost headwind from ECL norms.
Navneet Education sells partial K12 stake for ₹329.68 cr
Subsidiary Navneet Learning LLP to sell a partial stake in K12 Techno Services to Kenro Capital; deal expected to close in four weeks.
India Glycols gets NCLT nod for demerger, clears final hurdle
The National Company Law Tribunal approved the separation of bio-pharma and spirits businesses into Ennature Bio Pharma Ltd. and IGL Spirits Ltd., enabling independent listings.
Oxford Industries slashes capital 99%, pivots from textiles to healthcare
The nano-cap firm aims to wipe out accumulated losses with a 99% share capital reduction and enter healthcare and cosmetics, after a promoter takeover that gave Saroj Kumar Choudhury a 46.46% stake.
RSC International buys 51% of fintech FA Wizard for ₹20.69 cr via share swap
The zero-revenue nano-cap is acquiring a majority stake in a lending platform that posted ₹155.20 crore revenue in FY26, while approving massive dilution that will hand control to the target's shareholders.
RSC International buys 51% of ₹155 cr fintech; shell to pivot into lending
A zero-revenue shell with negative net worth is acquiring a ₹155 crore loan-distribution platform via share swap. The deal is paired with a ₹5.94 crore preferential issue and ₹33 crore in convertible warrants.
Harmony Capital, a shell, swallows ₹315 cr Truvolt in share-swap deal
The nano-cap acquirer is issuing 1.26 crore shares (over 10x its current float) to buy a 51% stake in an engineering firm. The consideration alone is 70% of Harmony's market cap.
Burger King India promoter pledges 16.7% stake to fund takeover
Lenexis Foodworks, the newly installed promoter of Restaurant Brands Asia, has pledged shares worth ₹844 crore to finance the recent acquisition of Burger King operations in India and Indonesia.
One Point One Solutions closes ₹84 cr ITCube buy after two-year wait
The final 24% stake was purchased this week, ending execution risk on a deal signed in February 2024. ITCube adds ₹51.28 cr in annual revenue and Microsoft Gold Partner capabilities.
Brooks Labs locks in ₹191 cr floor for retained stake in Steriscience
Binding MoU secures valuation floor, anti-dilution rights, and guarantee relief for the 32.67% holding, nearly matching the company's entire ₹206 cr market cap.
HCLTech to buy Guardian India ops for $10.5M, in 7-year AI deal
HCLTech will acquire Guardian Life's Indian GCC with 2,000 employees for $10.5 million as part of a seven-year AI modernization contract. The deal adds ₹579 crore annual revenue but is modest for HCLTech's scale.
Aurum PropTech snaps up Housing.com in ₹458 cr share swap
The deal gives REA India a 24.9% stake and adds ₹687 cr revenue. Promoter gets ₹118 cr warrants. Closing by Sep 2026.
Danube plans IT foray via tie-up with Shree Info Solutions
Non-binding alliance with a firm that holds 100% government contracts; no financial terms disclosed. Nano-cap eyes diversification after Fox Petroleum's proposed ₹4,250 cr investment.
TVS Holdings buys education NBFC Varthana for ₹967 cr
All-cash deal adds secured, longer-tenure lending to the group's financial services platform. Varthana reported ₹398 cr revenue and ₹18.65 cr profit in FY26.
Mylan dumps its 5.64% Biocon stake in ₹4,000 cr open-market sale
Long-term biosimilars partner sells entire 9.19 crore shares in a single day. Exit removes a strategic investor and creates a supply overhang.
DCX Systems puts ₹84.32 cr into defence JV ELTX via rights issue
The investment, funded by QIP proceeds, maintains DCX's 37% stake in the radar and counter-drone venture. ELTX has no revenue yet and is in early stages.
Zenith Healthcare to absorb Achyut, promoter stake to rise to 45.8%
Nano-cap with ₹7.42 cr net worth merges with ₹35.06 cr entity. Share count jumps from 5.37 cr to 62.81 cr.
Achyut shareholders to swap into Zenith at 119-for-50 ratio
Nano-cap API trader merges into WHO-certified manufacturer. Combined group could streamline operations, but deal awaits NCLT and shareholder approval.
Hero MotoCorp puts ₹1,000 cr more into Ather Energy
The investment, at roughly 1% of Hero's market cap, is a routine show of support for its EV bet rather than a game-changer.
Recode reveals ₹8.32 cr price tag for first bite of Aflairza
A non-binding term sheet puts a concrete number (over 4% of its own market cap) on Recode's push into premium beauty; the deal is structured with a milestone-based earn-in.
Recode Studios pays ₹8.32 cr for first 33% of Aflairza Professionals
The two-phase acquisition of up to 51% in Aflairza Professionals now has a price tag for the initial tranche. At ₹8.32 cr, the first bite is modest relative to Recode's ₹210 cr market cap but signals strategic expansion.
Jet Freight to pay ₹18 cr for 45% of Dubai logistics firm
The deal is worth 17% of Jet Freight's market cap and marks a big bet on international freight brokerage and tech-driven platforms.
Sigma buys UK aerospace maker Bromford for ₹153 cr, adds 46% revenue
The cash deal instantly lifts Sigma's revenue by ₹228 cr, nearly half its current topline, and expands its aerospace presence in Europe.
Sharp Investments to swap 27.5 cr shares for Rs 27.5 cr acquisition
The board approved acquiring Rajal Lefin via share swap, issuing shares at par. Existing shareholders face near-total dilution as the company's market cap is just ₹9 cr.
Jai Mata Glass changes hands; open offer at ₹1.85/share
A promoter group sells its 44.57% stake to Ashwani Gulati, Kiran Gulati and Veerasha Trust for ₹8.24 crore, triggering a mandatory open offer for 26% at the same price. The nano-cap firm has no active revenue.
Grasim's ABRen signs ₹17,200 cr deal to buy Shell's Sprng Energy
The acquisition doubles ABRen's renewable portfolio to 9.3 GWp, creating one of India's largest green energy platforms. Shell exits at an enterprise value of ₹17,200 crore.
Route Mobile picks up Heltar's AI unit for ₹34 cr, pocket change
Slump-sale consideration of ₹33.66 crore plus ₹35 crore loan to subsidiary. Target's turnover of ₹2.46 crore is negligible for a ₹1,131 crore quarterly revenue business.
GSB Finance to raise ₹4.32 cr via preferential issue, promoters to lift stake to 42%
The board approved a 20% equity dilution at a 23% discount to market price. Promoter holding jumps from 33.7% to nearly 42%, signalling renewed commitment in a nano-cap stock.
Somany Ceramics spends ₹75.8 cr on new tile venture, Nepal chemicals entry
Board approves 49% stake in greenfield glazed vitrified tile unit and 50% of a Nepal chemicals firm. Total outlay is 3.5% of market cap.
Creative Newtech signs off on $4M Infinova India buy
Board approves 100% acquisition to gain manufacturing, brand rights, and move beyond distribution into own-brand surveillance products.
Puravankara sells ₹625.94 cr Zentech; Q1 presales up 28%
Asset sale strengthens balance sheet as developer logs record collections and adds ₹5,200 cr GDV in land.
Tata Capital enters gold loans with ₹318 cr Yogakshemam deal
The NBFC acquires 88.6% of the Kerala-based lender with ₹708 cr AUM and 162 branches. But the deal is tiny relative to its own ₹1,54,365 cr market cap — a strategic pilot, not a profit driver.
RRIL buys more of Sumati Spintex for ₹3.11 cr, takes control to 75%
The company is increasing its stake in the yarn maker from 50% to 75% in a related-party deal, gaining effective control over a ₹148-cr turnover business.
Arvaya Healthcare plans ₹210 cr rights issue, swaps shares for clinic
The fundraise exceeds half the company's ₹411 cr market cap. Existing shareholders face massive dilution unless they participate.
Ortin Global's open offer draws just 226 shares of 21.14 lakh target
The acquirer ends up with 1.24% stake instead of the 27.23% control sought. Public shareholders overwhelmingly rejected the ₹14.65 price, aborting the change of control.
Rotographics to take 51% stake in ₹7,080 cr Teneron Ltd
A nano-cap with just ₹41 cr in sales is acquiring control of a non-ferrous recycling company many times its size. Deal includes name change to Novalum Materials, stock split, and heavy related-party transactions.
Aeroflex Neu to mull Fibcorp Polyweave stake sale on July 15
The nano-cap's board will consider exiting a material subsidiary, a move that could reshape its portfolio. No terms disclosed yet.
Allcargo sells step-down unit Comptech to promoter group for ₹24 cr
A small restructuring: Comptech Solutions contributed just ₹2.85 cr in revenue. The ₹24 cr sale is ~1.5% of Allcargo's market cap.
Gujarat Kidney expands to UAE with ₹19.84 cr polyclinic acquisition
The Gujarat-based superspeciality hospital is buying 51% of Dubai's Blue Tree Clinics, moving beyond kidney care into plastic surgery, cosmetics, and dentistry.
Apollo Micro buys 41% of Premier Explosives for ₹1,550 cr, enters solid propellants
The cash deal triggers a mandatory open offer at ₹698/share, adding up to 26% more. At over 10% of Apollo's market cap, this is the company's biggest strategic bet yet.
Virinchi to acquire subsidiary's healthcare business for ₹100 cr via loan adjustments
The slump sale brings Bristlecone Hospitals' ₹133 cr turnover directly onto the parent's balance sheet with zero cash outlay, but requires shareholder and regulatory nods.
Switching Tech buys two food firms via ₹237 cr share swap
The nano-cap's board approved a share-swap deal for Tekfoods and Samridh, turning them into wholly owned subsidiaries and reducing public shareholders to a fraction of their current weight.
7NR Retail's ₹90 cr share-swap deal dilutes equity by 300%+ for jewellery pivot
Nano-cap textile trader with zero promoter stakes buys Cultureantique Jewellery via massive share issuance, effectively handing control to target's shareholders.
Shivansh Finserve to buy stake as it pivots to drones, renewables
The ₹6 crore nano-cap firm will consider an equity acquisition on July 13, alongside capital and MOA changes, advancing its move from financial services to green energy and drone manufacturing. Trading window shut.
Ventive Hospitality picks up 420-acre MMR land bank for ₹282 cr
The all-cash acquisition of Kelzai Eco Reserves gives Ventive a foothold in luxury resorts and branded villas. Enterprise value is ₹466 crore, about 3.2% of market cap.
Standard Capital Markets bets ₹1,200 cr on solar, 11x its market cap
A tiny NBFC jumps into renewables with a CCPS investment in Sunbridge Solar that dwarfs every conventional measure of materiality. The financing challenge is immense.
Natco Pharma invests ₹1,400 cr in SA sub, hikes Adcock stake to 49%
Board approves two major capital commitments: a ₹1,400 cr infusion in its wholly owned subsidiary and a ₹1,069 cr acquisition of an additional 13.25% in Adcock Ingram, taking holding to 49%.
JB Chemicals-Torrent merger now effective; entity dissolved
The amalgamation became effective 8 July, completing the process after NCLT clearance. The market had already anticipated this final step.
Kkalpana Plastick open offer could push stake to 98.5%
Ashish Begwani's open offer at ₹28 per share could lift his holding to 98.58%, potentially triggering delisting. The deal hands over 72.58% from exiting promoters.
Standard Engineering to acquire 51% of Japan's GL HAKKO for ₹186 cr
Phased deal: first 19.19% for ₹69 cr, then 31.88% within three years. Target is a 1955-founded glass-lined equipment maker with ₹190 cr turnover, adding semiconductor-grade technology.
SIS Limited crosses 5% in Updater Services, signals strategic intent
Industry peer SIS now holds 5.17% after open-market buys on July 3. Bandhan MF's stake was cut to 6.26%.
SEPC buys into Abu Dhabi engineering with shares, not cash
The company will issue 153 crore shares, more than its entire current equity, to take 90% of Avenir, a firm with ADNOC pre-qualification.
NCLT clears JB Chemicals-Torrent merger
The Ahmedabad bench sanctioned the scheme on July 6, 2026. Effective upon RoC filing, the integration can begin.
Sharp Investments to seal acquisition via share swap, fundraise on same day
The ₹9-cr nano-cap finalises its Rajal Lefin deal at a July 13 board meeting, with a preferential issue and auditor change also on the table.
Varun Beverages enters Kenya with $32M promoter-group acquisition
VBL's Kenyan arm buys a dairy, juice and water business from Devyani Food Industries, including a 52-acre factory. It also plans to launch its own CSD range in East Africa.
Aqylon Nexus eyes 51% stake in E Trav Tech, fundraise, and business pivot
The micro-cap with zero sales last quarter will weigh a share-swap acquisition and a fundraising on July 9. The agenda also includes changing the company's main object, signalling a strategic overhaul.
Tirth Plastic to raise ₹12.6 cr via shares — more than its entire market cap
The nano-cap plans to issue 45 lakh shares at ₹28 each to 42 non-promoter investors. If approved, existing holders face massive dilution.
Prestige Estates buys 50% stake in ₹4,500 cr Mumbai commercial project
The deal adds 1.5 msf of leasable space in Sahar-Andheri. Prestige's share of GDV is about 17% of its FY26 annual revenue.
7NR Retail plans share-swap buyout of jewellery firm
The nano-cap textile trader will acquire 100% of Cultureantique Jewellery via a share swap. The board meets July 8 to approve the valuation and seek shareholder ratification.
Advent Hotels sells half of ACHIL to Prestige Estates for ₹504 cr
Definitive deal values the hotel-development SPV at roughly two-thirds of Advent's market cap; Prestige takes 50% stake, solving funding for the Sahar land parcel.
NHC Foods signs LOI to buy Agriconnect, a target in revenue decline
The ₹73-cr nano-cap has signed a non-binding LOI to acquire Mumbai-based agri-trader Agriconnect Solutions, whose FY25 revenue fell 67% to ₹117.6 cr. Price not set; three-month due diligence ahead.
BLS subsidiary buys fintech Atyati for ₹156.82 cr
The all-cash deal adds a ₹375.8 cr revenue platform with AI-powered banking tech, deepening BLS's business correspondent and micro-lending play.
Primo Chemicals takes full control of Flow Tech for ₹55 cr
The ₹1,418/share price is ~8% below independent fair value of ₹1,545. Flow Tech, a chlorine consumer, adds ₹341 cr revenue to Primo's consolidated books.
GSP Crop restructures, absorbs two wholly owned units
Parent company to amalgamate Rajdhani Petrochemicals and demerge GSP Intermediates' manufacturing arm, adding ~7.6% to standalone revenue with no dilution.
Adani Enterprises inks MoU for $11.5 bn Odisha aluminium behemoth
50:50 JV with Abu Dhabi's IRH targets 4 MT alumina refinery, 2 MT smelter, 4 GW captive power. Non-binding, but the scale is staggering.
Lenskart JV with China's Mingfeng for metal frames; merger formalised
Lenskart's board approved a joint venture with Mingfeng Glassesworld to manufacture metal spectacle frames in India, with Lenskart holding 80% for just ₹80,000. The merger of two wholly-owned subs was already known.
IRB locks in ₹4,605 cr asset transfer to InvIT
Binding term sheet converts May's non-binding offer, unlocking ₹2,744 cr equity for a ₹8,000 cr pipeline. Two BOT assets move to public InvIT, adding ₹2,400 cr to O&M order book.
IRB InvIT buys two toll SPVs for ₹2,744 cr, plans ₹3,000 cr raise
The binding acquisition from sponsor's trust covers concessions till 2042 and 2046 with combined revenue of ₹306.6 cr. A ₹3,000 cr fundraise introduces dilution risk.
Manglam Global pays 40% of its market cap to buy a related-party shell
The ₹15 cr trading firm just spent ₹6 cr cash to acquire Manglam Food Products, a newly incorporated food processor from the promoter group with no prior turnover.
Chambal Breweries' merger plan hits procedural snag as Invade Agro defers
Invade Agro's independent directors need more time to review documents; Chambal board had approved scheme same day. Deal structure unchanged but delay raises uncertainty for nano-cap with zero revenue.
Pocl buys 51% of Trichy Metals for ₹12.46 cr, adds ₹163 cr revenue
A binding acquisition that adds refining and smelting capacity, diversifies into copper and aluminium scrap, and brings a ₹163.74 cr revenue stream into the ₹529 cr nano-cap fold.
Hindustan Composites sells 84% of revenue in ₹370 cr slump sale to Rane Group
The company is selling its core friction business for ₹370 crore, which generated 84% of FY26 turnover. Rane (Madras) will acquire; proceeds partly to fund a special dividend.
Kiran Syntex to absorb Gujarat Kiran Polytex in 14.857:1 share swap
Merger creates a combined textile entity with ₹44.5 cr revenue and ₹7.6 cr net worth. Share count quadruples to 1.65 crore.
RDB Infrastructure signs deal to take majority stake in solar cell venture
RDB Infrastructure will acquire a further 42.5% in Maxim Industries on top of its existing 29%, giving it control of a solar cell manufacturing plant in Chhattisgarh, though no cost or timeline has been disclosed.
Wealth First buys Mumbai wealth manager in phased ₹52 cr deal
Acquisition of Wealth First Advisors adds a profitable distribution channel in India's largest wealth market. Related-party deal with promoter stake triggers governance watch.
Rane Madras buys Hindustan Composites' friction unit for ₹370 cr
The acquisition creates India's largest friction materials platform with combined revenue over ₹1,000 cr, spanning passenger vehicles, two-wheelers, railways, and aftermarket.
Expo Engineering absorbs promoter firm in 22:1 share swap
The merger consolidates two engineering businesses under common control, raising promoter stake to 60.74%. The transferor is small, with ₹4.42 cr turnover versus ₹68.22 cr for the listed entity. Subject to regulatory approvals.
Kotak Mahindra Bank buys Deutsche Bank's India retail for ₹281.7 cr
The deal adds 150,000 customers, ₹29,000 cr in loans and ₹16,000 cr in deposits, but is modest relative to Kotak's ₹4,06,820 cr market cap.
Sanjeev Lunkad pushes stake in Gujarat Winding Systems past 11%
Open-market purchase of 7,179 shares keeps up a creeping-acquisition pattern at a ₹4-crore nano-cap with negative earnings
Adani Ports sells 49% of Vizhinjam to MSC's TiL for $1.397B
India's first deep-draft mega transshipment port gets a strategic partner. At $2.85 billion enterprise value, it's the largest foreign private investment in Indian port infrastructure.
Chambal Breweries approves merger with Invade Agro
Swap ratio: 5 Invade shares for every 2 Chambal shares. Invade Agro is over 300 times larger by net worth (₹303 cr vs ₹87 lakhs), offering a dramatic upgrade for shareholders.
Clio Infotech bets ₹87 cr on a shell: 10x its own market cap
The nano-cap company is acquiring a Seychelles entity with no revenue, no operations, and a March 2026 incorporation date.
Ekansh to issue 4.43 cr shares, promoters get 74% in reverse merger
Board approves absorbing Sankalp Industrial Infratech via share swap. Public holding drops from 100% to 26.29%.
Jagsonpal Pharma buys hospital distributor for ₹20.8 cr
The cash deal adds ₹53 cr in revenue and a hospital channel, funded entirely from internal accruals.
Jindal Photo promoters launch delisting bid to take company private
Acquirers holding 74.20% offer to buy out the remaining 25.80% via reverse book-building. Floor price yet to be set; acquirers can reject final discovered price.
Astal Labs authorises ₹300 cr fundraise, acquisition hunt near 80% of market cap
The nano-cap is pursuing a ₹300 cr raise and a hunt for USFDA-compliant pharma plants. Both moves would transform the business if executed.