M&A
Acquisitions, CCI approvals, open offers, corporate actions.
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.
Persistent funds Nagarro with debt, relabels margin
Persistent Systems uses €1.27B bridge loan from Barclays for Nagarro SE, no equity dilution. But a 15.6% margin cited earlier as EBIT is now called EBITDA, raising clarity questions.
PFC board approves REC merger at 88:100 swap
Power Finance Corporation will absorb REC, creating a combined loan book of over ₹11 lakh crore. The swap ratio of 88 PFC shares per 100 REC shares is now set, pending approvals.
REC board clears merger with PFC at 0.88:1 swap ratio
The all-stock deal will dissolve REC, creating a dominant power-sector lender with a combined balance sheet. PFC, which already holds 52.63%, will issue new equity to the remaining shareholders.
Rashi Peripherals buys 67% of VDA Infosolutions for ₹368.50 cr
All-cash deal gives Rashi entry into enterprise IT solutions. VDA's revenue fell 18% in FY26 but the acquisition is strategically significant.
Honasa Consumer buys 58% of Fluence Pharma for ₹135 cr
The Mamaearth parent gains patented cyclical nutrition therapy brands but the deal is tiny relative to its ₹13,690 cr market cap.
Purple Finance's ₹97 cr open offer gets RBI, SEBI clearances
Allied Commodities and Sandeep Jindal's mandatory offer for 26% at ₹55 per share opens July 1. Regulatory approvals remove key hurdle.
GTPL Hathway buys ACT's cable TV biz for ₹36 cr, adds 600k subs
Slump-sale acquisition brings ₹164 cr revenue at a modest multiple, diversifying into four states and partially offsetting recent subscriber losses.
Hubtown shareholders back mergers, unlock ₹6,000 cr Bandra project
Hubtown's shareholders approved merging Saicharan Consultancy (full control of 21.17% stake in Rare Townships) and 25 West Realty (super-luxury Bandra West project, expected ₹6,000 cr revenue, over 7x FY26 income). NCLT sanction awaits.
Batliboi buys Penta Automation for ₹19.8 cr to expand in robotics
The all-cash deal adds a robotics integrator with ₹25.17 cr revenue, ~5.7% of Batliboi's turnover. Key sellers stay on.
IP Rings buys JV's ₹39 cr exhaust biz for Re. 1
IP Rings acquires the manufacturing division of its joint venture via slump sale at a nominal price, adding roughly a quarter of its market cap in annual revenue.
Polyplex's Thai unit gets a ₹310 cr takeover bid from a related party
AGPH (Thailand) offers THB 15 per share for all shares of Polyplex (Thailand), valuing it at THB 13.5B (₹310 cr). Formal offer by June 2026. Parent's stake and decision remain unclear.
Syrma SGS, Kaga Electronics to set up EMS plant for Japanese clients
The 60:40 joint venture with Kaga Electronics India targets a new customer segment. Initial investment of ₹15 cr from Syrma SGS; execution is conditional.
Foseco India gets ₹11.99 cr for subsidiary stake, vs ₹134.75 cr estimate
Actual proceeds from selling 1.77% of Foseco Crucible were 91% below the May estimate, but the deal is only 0.3% of market cap.
Sun Pharma buys Innovcare Lifesciences for ₹271 cr
A bolt-on acquisition that adds a portfolio of drugs and nutraceuticals, but at just 0.06% of market cap, it won't move the needle for India's largest drugmaker.
Alfa Transformers sheds loss-making Vadodara unit for ₹18 crore
The slump sale to KASST Industries eliminates accumulated losses of ₹15.81 cr and makes the company debt-free. The consideration is 41.9% of market cap.
Maximus buys 40% of Quebec Petroleum for ₹18.4 cr
A related-party deal that nearly doubles Maximus's effective scale — the target's ₹184.7 cr turnover matches Maximus's own top line.
Aurobindo gets FTC nod for Lannett, moves closing to June
The US regulator clears a key hurdle for the generics deal announced last July. Aurobindo now expects to close before end of June, ahead of initial guidance.
GE Power India sets July 20 for demerger vote on Durgapur unit to JSW Energy
NCLT-ordered meetings on 20 July will see shareholders and creditors vote on transferring the Durgapur manufacturing facility to JSW Energy Ltd.
Globalspace Tech converts ₹12.64 cr loan to equity, lifts Miljon stake to 99.83%
The conversion, representing 14.4% of market cap, wipes out a liability and deepens the parent's bet on a pre-revenue pharma-tech platform.
Orient Ceratech sheds windmill arm for ₹15.25 cr
The division contributed just 1.55% of revenue but 7.45% of net worth. Proceeds can reduce debt or fund growth; completion expected in six months.
Prime Securities lands ₹1,220 cr M&A advisory mandate
The deal is one of the largest Prime has executed. Estimated fees of ₹12-24 cr represent up to 16% of its annual revenue.
Altius Telecom sponsor sells ₹2,269 cr stake
BIF IV Jarvis India sold 137.5M units on June 16, cutting holding from 49.85% to 45.34%. The sale, disclosed June 18, is a material cut for an InvIT.
Lloyds Enterprises buys 88% of Steel Infra Solutions for ₹1,073 cr
The acquisition, via cash and share swap, adds a heavy steel fabrication firm with ₹816.87 cr revenue and a 30-month listing roadmap.
Lloyds Engineering buys SISCOL for ₹1,073 cr to build ₹10,000 cr revenue platform
The structural steel fabricator adds ₹817 cr in revenue and a ₹1,134 cr order book. Founder Ravi Uppal stays on to lead the acquired entity.
Lloyds Engineering buys 52% stake in SISCOL for ₹635 cr
The deal brings former JSPL MD Ravi Uppal's company under its fold, adding ₹817 cr revenue and 100,000 MTPA capacity. Combined entity creates an integrated engineering and EPC platform.
Amber subsidiary IL JIN buys out minority in Ascent Circuits for ₹336.75 cr
IL JIN Electronics is raising its stake in the PCB maker from 60% to 98.5%, paying ₹336.75 crore in cash. The deal consolidates control over a ₹401.87 crore-turnover subsidiary at 1.2% of Amber's market cap.
Emirates NBD takes control of RBL Bank with 60% stake, infuses ₹26,015.77 cr
The preferential allotment of 92.91 cr shares at ₹280 apiece gives the Dubai lender promoter status. The capital infusion is 114% of RBL Bank's market cap.
California Software to mull 51% stake in Tech Aggregators
A board meeting on June 18 will discuss acquiring a controlling stake in the Chennai-based firm, but no binding decision has been taken.
Anik Industries bets ₹40 cr on real estate pivot – a third of its market cap
The nano-cap and its dairy subsidiary take 50% of a new LLP to develop an integrated township. For a company with falling revenue and a ₹125 cr market cap, the ₹40 cr investment is a transformational gamble.
Smiths & Founders signs merger with SKF Elixer — 17x its size
A ₹93 cr nano-cap just agreed to absorb a ₹235 cr revenue firm. No share exchange ratio disclosed; regulatory approvals remain.
Sajid Malik's direct stake in Genesys jumps from 2.9% to 11% on intra-family transfer
The promoter received 33.65 lakh shares from his late mother via transmission. His direct holding rises over 8 percentage points, but total promoter group stake remains unchanged at 31.5%.
Blue Cloud pays 17 cr shares for Global Impx acquisition
The share swap at ₹21.93 each dilutes promoters from 38.5% to 31.4% and adds six subs in energy and microgrids. Deal value of ₹373 cr is 27% of market cap.
Niraj Cement promoter bids for 26% at ₹29, could take stake to 92%
Gulshankumar Chopra, owning 8.75%, has already bought 41% in pre-offer deals. If the open offer is fully subscribed, promoter holding could exceed 90%, likely forcing a delisting.
GACM Tech board to mull UK subsidiary, two stake buys via share swap
GACM Technologies will meet on June 25 to consider an international expansion and acquisitions through a preferential share swap. The nano-cap, with a market cap of just ₹9 crore, posted ₹8.60 crore profit last year.
Sapphire Foods clears exchange hurdle for Devyani merger
NSE and BSE give no-objection letters, but CCI approval and a secondary sale of up to 18.5% by promoter entity are required before NCLT filing.
Adani Enterprises, Jabil tie up to make AI hardware in India
Non-binding pact targets multi-gigawatt-scale manufacturing of AI racks, servers and cooling systems for global hyperscalers.
Devyani gets exchange clearances for Sapphire merger
With NSE and BSE raising no objections, the scheme can be filed with NCLT. The 177:100 share swap would create India's largest QSR chain.
Maximus International board to mull stake in lubricants peer
The nano-cap lubricant maker will meet June 19 to consider acquiring a stake in another manufacturer. No target or deal value disclosed. The move could shift its growth strategy from organic to inorganic.
JSW Energy buys 300 MW thermal plant for ₹1,410 cr
The Korba asset is operational, comes with a long-term PPA and fuel supply, and is estimated to add ₹279 cr EBITDA in FY26.
Mukka Proteins raises ₹47 cr via warrants, buys two fish meal firms for ₹26 cr
The micro-cap protein player is tackling liquidity stress flagged by a recent credit downgrade while expanding core production capacity via two acquisitions.
Axiscades sells aerospace engineering unit to Akkodis for $206.3M
The deal is structured in two tranches: an upfront 51% for $77.7M, with the remaining 49% after two years for $76M plus up to $52.6M in earn-outs. Proceeds will fund core aerospace, defence, and ESAI acquisitions.
AdaniConneX buys shell firm for ₹765 cr in data centre push
AdaniConneX acquires Madhuvanti Build Estate, a shell with land and licenses, for less than 0.2% of Adani Enterprises' market cap. Routine move.
Sagility buys Careseed LLC for up to $30M in US healthcare analytics push
The acquisition is a small bolt-on at 1.4% of market cap, and aligns with building analytics capabilities in the US healthcare market.
Duke Offshore's promoters sell out to Aspect Global for ₹20.87 cr
Aspect Global is buying the Duke family's entire 70.61% stake and making a public offer for another 26% at ₹30 a share. The combined price dwarfs the company's market cap.
DSM signs second aquaculture MoU, targets 300 tonnes in Assam
The Zappfresh operator is building backward integration with a 100-acre freshwater fish farm in Assam. The MoU is non-binding and carries no disclosed financials.
Spandana absorbs tiny subsidiary, swaps 73 shares for every 100 Criss held.
The microfinance lender will merge 99.92%-owned Criss Financial into itself, cutting a layer of corporate overhead and freeing capital for secured lending. A handful of minority shareholders get a swap ratio.
DOMS picks up the Reynolds pen brand for $3.7m
A small-ticket deal adds a legacy stationery name to DOMS's portfolio, but the financial impact is negligible for a ₹12,874 crore company.
President clears REC merger into PFC, creating a ₹10 lakh crore lending giant.
The biggest regulatory hurdle is cleared. What's left is the money: agreeing on a share-swap ratio that satisfies both sets of shareholders.
Health X splits its tiny finance arm, absorbs core healthcare unit into parent
A complex restructuring demerges a 1.1%-of-revenue financial business into a new listed entity while merging the much larger Sastasundar Healthbuddy drug-distribution unit back into the listed company.
Smiths & Founders explores merger with SKF Elixer India
A nano-cap with a ₹80 cr market cap has begun the process of combining with a private company. No financial terms have been disclosed.
Astra Microwave carves out its space business for a separate listing
Shareholders get a 1:1 share swap in the new Astra Space Technologies, which had ₹157 crore in revenue last year.
Deccan Gold buys 51% of a Spanish tungsten explorer for €1.76M
The Indian gold miner is diversifying into critical minerals in Spain, with an option to own 75% of the target.
Quality Power signs ₹315 cr term sheet for Winwin Insulators
The deal, at 3.5% of market cap, would add a high-voltage ceramic and polymeric insulator plant with capacity up to 1200 kV. It's non-binding.
KD Green's merger target locks in ₹600 cr from Assam
The target's expansion plan and incentive package are now public. They dwarf the micro-cap's own valuation.
MethodHub buys a Mexican IT shop with zero revenue for an undisclosed sum
MethodHub's board approved acquiring Venusgeo Solutions, which has posted nil revenue for three years. The deal cost is unknown. A Costa Rica subsidiary was also created for $10,000.
Team India Guaranty's ₹64 cr deal with 4A Financial is dead. The lawsuit begins.
The nano-cap NBFC's board has formally killed the acquisition after only 62% of the consideration was paid. The counterparty has already sent a legal notice.
Grovy India raises ₹15 cr from promoters in a deal equal to 27% of its market cap
The nano-cap real estate developer is selling up to 41.7 million shares at ₹36 each to promoter-group entities and a handful of public investors, a raise equivalent to more than a quarter of its current value.
Bhansali's open offer for PH Capital attracted just one share
Aditya Himmat Bhansali wanted to buy up to 26% more of PH Capital. One public shareholder tendered a single share.
Adani Energy picks up Intellismart for ₹3,050 cr in cash
The binding deal adds 4.7 crore smart meters to Adani's portfolio, marking a material push into a government-backed segment at 10.8% of its annual revenue.
Parmax Pharma's new owners are taking over. They're paying ₹42.80 a share.
Dhiren and Sunil Shah, with a consortium of ten others, are paying ₹18.6 crore to take ~91% control of the struggling nano-cap, which saw revenues collapse 57% and losses widen.
Parmax Pharma raises ₹19.28 cr, hands control to 14 new investors
The raise is worth 113% of the company's ₹17 cr market cap. The new allottees will become majority owners.
Viyash's Italian pet-care bid jumps 28% to ₹188 cr
The final price for BioForLife is ₹41 crore above the figure Viyash disclosed earlier this year. The deal remains small against the company's own scale.
Viyash buys Italian vet distributor for €17M
The €16.975M cash deal adds a direct sales platform in Italy's companion animal market. It's a strategic, not a financial, move for the mid-cap.
Lords Mark clears legal hurdle to listing with ₹16.25 cr warrant conversion
Bennett Coleman's petition was withdrawn after Lords Mark acknowledged its obligation. The company will now issue shares to clear the path to listing.
Amber's subsidiary starts a joint venture for medical and defence electronics
IL JIN Electronics, Amber's subsidiary, owns 60% of a new venture targeting higher-margin sectors. The initial investment is ₹1 crore.
Panth Infinity's ₹97.65 cr acquisition is 1.6 times its market cap
The nano-cap is issuing shares worth over its entire worth to buy into three agriculture-linked firms, while raising ₹11.3 cr cash.
Chintalapati buys 62% of Neelkanth for ₹6.07 cr, triggers open offer
Sesha Sai Nikhil Chintalapati is taking control of Neelkanth Rockminerals at ₹19.40 per share. The deal forces an open offer for up to 26% more from public holders.
Alembic takes 45% in new Canadian pharma JV with Difgen Holdings
Alembic Pharmaceuticals is entering the Canadian market via a joint venture but won't say how much it's spending.
Ikoma will raise ₹50 cr, buy 51% of ICM Insurance Brokers
A rights issue worth 38% of its current market cap will fund a pivot into insurance broking, just as Ikoma's core revenue collapsed to ₹1.66 cr.