Executive Summary
The May 28, 2026 MCA M&A tracker reveals a market bifurcated between strategic, bolt-on acquisitions in high-growth niches (Persistent Systems, CapitalNumbers, Pet Plastics) and consolidation-driven amalgamations aimed at simplifying corporate structures (Ashika Credit Capital, Ruchi Infrastructure, Ecoplast).
Period-over-period data shows strong revenue growth across the portfolio, with Apar Industries (+23.3% YoY) and Pet Plastics' target (+495% YoY) leading, but margin compression and EPS dilution are recurring themes, notably at Malpani Pipes (EPS -13.4% YoY) and Hindustan Media (PBT -4.9% YoY). A clear pattern of investment into renewable energy SPVs (Relaxo, Swelect) and captive solar projects signals a sector-wide shift toward ESG-linked cost optimization. Insider activity is sparse, but the absence of promoter selling in any filing is a modest positive. The most critical development is the sharp revenue decline (-30.4%) at CapitalNumbers' target Epitome Cloud, which introduces execution risk despite the strategic rationale. Overall, the tracker suggests a cautious but active M&A environment where acquirers are prioritizing capability-building and vertical integration over pure scale, with a notable tilt toward digital transformation and agro-processing.
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 May 27, 2026.
Investment Signals (11)
- Persistent Systems ↓ (BULLISH)▲
Acquired a business generating EUR 11.6M revenue for EUR 5.6M (0.48x revenue), a highly accretive multiple. The deal de-risks delivery via nearshore expansion and consolidates a strategic customer.
- Apar Industries ↓ (BULLISH)▲
Revenue grew 23.3% YoY to ₹22,902 Cr, with PAT up 18.9% YoY. The board recommended a ₹60/share dividend (aggregating ₹241 Cr), signaling strong cash flow confidence despite a ₹32.5 Cr exceptional gratuity charge.
- Pet Plastics (Bharatam Ventures) (BULLISH)▲
Acquired 99.9987% of Penganga Sakhar Karkhana for ₹1.80 Cr, whose turnover surged 495% YoY (from ₹1,404 L to ₹8,353 L). The acquisition price of ₹120/share implies a forward P/E of <2x, an extremely attractive entry into the sugar sector.
- Greaves Cotton ↓ (BULLISH)▲
Infused ₹50 Cr into NBFC subsidiary Greaves Finance, which saw revenue more than double YoY to ₹39.52 Cr (from ₹17.72 Cr). The subsidiary is a high-growth play on e-vehicle financing, with a 3-year CAGR of ~162%.
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Acquiring Epitome Cloud for ₹40 Cr to boost Salesforce capabilities, but the target's revenue declined 30.4% YoY (USD 4.1M to USD 2.9M). The deal is priced at ~2.3x trailing revenue, which may be justified only if a turnaround is achieved. [MIXED/BEARISH]
- Malpani Pipes ↓ (BEARISH)▲
Full-year revenue grew 15.6% YoY, but H2 profit declined 12.3% vs H2 FY25 and EPS fell 13.4% YoY due to IPO dilution. Cash reserves halved to ₹20.15 L, while inventories surged ₹1,058 L, indicating potential working capital strain.
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Invested ₹2.5 Cr for a 26% stake in a captive solar SPV. While small, this aligns with long-term ESG goals and reduces power costs for Haryana facilities. The move is incremental but directionally positive. [NEUTRAL/BULLISH]
- Hindustan Media Ventures ↓ (BEARISH)▲
Consolidated total income grew only 2.5% YoY, while PBT from continuing ops fell 4.9% YoY and combined profit dropped 37.4% YoY. No dividend was recommended, reflecting a cautious capital allocation stance amid digital transition.
- Swelect Energy Systems ↓ (NEUTRAL)▲
Acquired a pre-revenue SPV (USolar Four) for ₹3.3 Cr to set up a 26.6 MWp solar plant. The target has nil turnover, so no near-term contribution, but the group captive model could yield long-term cost savings.
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Post-amalgamation, promoter holding stands at 74.52%, a high concentration that reduces free float and could limit liquidity. The share exchange ratio (6,726:10,000) was complex and may have created arbitrage opportunities. [NEUTRAL/BEARISH]
- Ruchi Infrastructure ↓ (BEARISH)▲
The merger of two dormant investment companies (Lennox, Multiacre) with no turnover will increase equity capital by ~56% (from ₹23.6 Cr to ₹36.7 Cr), diluting existing shareholders without any cash inflow. The complex exchange ratios (5,582:1, 6,423:1) suggest a purely structural reorganization.
Risk Flags (9)
- CapitalNumbers Infotech/Target Revenue Decline↓ [HIGH RISK]▼
Epitome Cloud's revenue fell 30.4% YoY (USD 4.1M to USD 2.9M), raising concerns about client retention and competitive positioning in the Salesforce ecosystem. The ₹40 Cr acquisition price may overpay for a shrinking business.
- Malpani Pipes/EPS Dilution & Cash Crunch↓ [HIGH RISK]▼
EPS dropped 13.4% YoY despite 15.6% revenue growth, driven by IPO dilution. Cash and equivalents fell 53.7% (₹43.5 L to ₹20.2 L), while inventories ballooned ₹1,058 L, suggesting potential inventory obsolescence or working capital mismanagement.
- Hindustan Media/Profit Deterioration↓ [HIGH RISK]▼
Combined profit (continuing + discontinued) fell 37.4% YoY to ₹4,869 L. Exceptional items of ₹115 L in Q4 and no dividend signal structural challenges in the print media business amid digital disruption.
- Apar Industries/Exceptional Gratuity Charge↓ [MEDIUM RISK]▼
A ₹32.5 Cr exceptional item for past gratuity liabilities indicates potential underfunding of employee benefit obligations. While one-time, it may signal broader HR cost pressures.
- Ashika Credit Capital/Promoter Dominance↓ [MEDIUM RISK]▼
Promoter group holds 74.52% post-amalgamation, leaving only 25.48% free float. This could lead to low liquidity, price manipulation risks, and corporate governance concerns.
- Ruchi Infrastructure/Dilutive Merger↓ [MEDIUM RISK]▼
The merger of two shell companies with no revenue will increase equity by 56% without any operational benefit. Existing shareholders face significant dilution, and the complex exchange ratios may confuse retail investors.
- Swelect Energy/Pre-Revenue Acquisition↓ [LOW-MEDIUM RISK]▼
USolar Four has nil turnover and PAT, and the acquisition cost (₹3.3 Cr) is 0.5% of Swelect's revenue. While small, the project (26.6 MWp) faces execution risk in land acquisition, regulatory approvals, and power purchase agreements.
- Ecoplast/No Financial Disclosure↓ [LOW RISK]▼
The amalgamation of Kunal Plastics with Ecoplast was approved, but no financial data was provided. The increase in authorized capital to ₹10.25 Cr is small, but lack of transparency on the target's financial health is a concern.
- Relaxo Footwears/Insignificant Investment↓ [LOW RISK]▼
The ₹2.5 Cr investment for a 26% stake in a solar SPV is immaterial (0.02% of likely revenue). While ESG-positive, it has no near-term financial impact and may be perceived as a token gesture.
Opportunities (9)
- Persistent Systems/Accretive Acquisition↓ (OPPORTUNITY)◆
The EUR 5.6M deal at 0.48x revenue is highly accretive. The acquired business already has a sub-contract relationship with Persistent, ensuring revenue continuity. Expected close in 4-8 weeks provides near-term catalyst.
- Pet Plastics (Bharatam Ventures)/Sugar Sector Entry (OPPORTUNITY)◆
Acquiring Penganga Sakhar Karkhana at a valuation of ~₹1.80 Cr against a turnover of ₹8,353 L (FY26) implies a price-to-sales multiple of ~0.02x. The sugar sector is cyclical, but the entry price is deeply discounted. Completion expected within 30 days.
- Greaves Cotton/E-Vehicle Financing Growth↓ (OPPORTUNITY)◆
The ₹50 Cr rights issue into Greaves Finance (revenue doubled YoY to ₹39.52 Cr) positions the company to capture the fast-growing e-vehicle financing market. With a 3-year CAGR of 162%, this subsidiary could become a significant value driver.
- Apar Industries/Dividend Yield Play↓ (OPPORTUNITY)◆
With a ₹60/share dividend (face value ₹10) and strong revenue growth (23.3% YoY), Apar offers a dividend yield of ~1.5-2% at current prices. The exceptional charge is one-time, and the conductors/cables segment remains robust.
- Malpani Pipes/Acquisition Synergy↓ (OPPORTUNITY)◆
The 100% acquisition of Terex Industries (wholly owned subsidiary) is expected to unlock value through combined manufacturing and export capabilities. If the integration is successful, the current EPS dilution could reverse.
- CapitalNumbers Infotech/Turnaround Potential↓ (SPECULATIVE OPPORTUNITY)◆
If Epitome Cloud's revenue decline is due to temporary client churn rather than structural issues, the acquisition at ~2.3x trailing revenue could be a bargain. The Salesforce ecosystem is growing, and CapitalNumbers' existing client base could cross-sell.
- Relaxo Footwears/ESG Cost Savings↓ (LONG-TERM OPPORTUNITY)◆
The captive solar SPV could reduce power costs for Haryana manufacturing facilities by 15-20%, improving margins over the long term. While small, this is a step toward energy independence.
- Swelect Energy/Group Captive Model↓ (LONG-TERM OPPORTUNITY)◆
The 26.6 MWp solar plant under a group captive scheme could provide cheaper power for Swelect's own operations, reducing opex. The acquisition cost is minimal (0.5% of revenue), making it a low-risk bet on renewable energy.
- Ruchi Infrastructure/Simplification Catalyst↓ (SPECULATIVE OPPORTUNITY)◆
Post-merger, the company will have a cleaner corporate structure with fewer subsidiaries. This could attract institutional investors who prefer simple holding structures. The promoter holding post-merger is not disclosed, but if low, it could be a governance positive.
Sector Themes (6)
- Renewable Energy SPV Investments◆
Three companies (Relaxo Footwears, Swelect Energy, and indirectly Pet Plastics via sugar) are investing in captive solar/renewable projects. This trend reflects a broader push toward energy cost optimization and ESG compliance, with investments ranging from ₹2.5 Cr to ₹3.3 Cr. The group captive model is emerging as a preferred structure for manufacturing companies.
- Digital Transformation & IT Services Consolidation◆
Persistent Systems (Estonia) and CapitalNumbers (US/India) are acquiring to bolster nearshore delivery and Salesforce capabilities, respectively. Both deals are small (<₹40 Cr) but strategically focused on high-growth niches. This suggests a 'buy vs build' approach to acquire specialized talent and client relationships.
- Corporate Simplification via Amalgamations◆
Ashika Credit Capital, Ruchi Infrastructure, and Ecoplast are all pursuing mergers of dormant or related entities to streamline corporate structures. These deals involve no cash consideration and complex share exchange ratios, indicating a focus on reducing compliance costs and improving governance rather than operational synergies.
- Mixed Earnings Quality Amid Revenue Growth◆
Apar Industries (+23.3% YoY) and Malpani Pipes (+15.6% YoY) show strong top-line growth, but both face margin headwinds (exceptional charges, EPS dilution). This pattern suggests that revenue growth is not translating proportionally to bottom-line gains, possibly due to input cost inflation or competitive pricing.
- Capital Allocation Divergence◆
Apar Industries is returning cash via a ₹241 Cr dividend, while Greaves Cotton is reinvesting ₹50 Cr into a high-growth subsidiary. Hindustan Media paid no dividend, conserving cash. This divergence reflects varying stages of business maturity and growth strategies across the portfolio.
- Sector-Specific Tailwinds◆
The sugar sector (Pet Plastics) benefits from ethanol blending mandates and government support, while the e-vehicle financing space (Greaves Finance) rides the EV adoption wave. Both are policy-driven themes with strong growth potential.
Watch List (8)
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Deal closure expected in 4-8 weeks. Watch for integration updates and any revenue contribution guidance in the next earnings call. The EUR 1.5M deferred payment is contingent on performance, so monitor earn-out milestones.
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The 8-12 week completion timeline for Epitome Cloud acquisition is critical. Watch for any client retention announcements or revenue guidance for the acquired entity. The 30.4% revenue decline needs to be addressed in investor communications.
- Pet Plastics (Bharatam Ventures)👁
The 30-day completion deadline (by June 26, 2026) for the Penganga Sakhar acquisition. Watch for regulatory approvals and any disclosure of the target's debt profile. The sugar sector is seasonal, so Q1 FY27 results will be key.
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The rights issue completion by June 5, 2026. Watch for Greaves Finance's loan book growth and asset quality metrics in the next quarterly update. The NBFC's doubling of revenue is impressive, but NPA trends will be crucial.
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The AGM date for shareholder approval of the ₹60/share dividend. Watch for any commentary on the exceptional gratuity charge and whether it indicates broader HR cost issues. The Q1 FY27 results will show if the conductors segment growth is sustainable.
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The Terex Industries acquisition integration. Watch for working capital management, especially the inventory build-up (₹1,058 L increase). The next quarterly filing will reveal if the cash crunch is easing or worsening.
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The no-dividend decision and falling profits warrant monitoring. Watch for any digital transformation announcements or cost-cutting measures. The print media sector is under structural pressure, so any M&A or diversification moves will be critical.
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The NCLT approval process for the composite scheme. Watch for any shareholder objections or regulatory delays. The post-merger share price performance will indicate market reception to the dilution.
Filing Analyses
(14)
28-05-2026
Persistent Systems Limited, through its step-down subsidiary PerSys Estonia OÜ, has entered into a Business Purchase Agreement with Concise Systems OÜ to acquire part of its business for a total cash consideration of EUR 5.6M (including deferred payment of EUR 1.5M over 2 years). The acquired business generates an estimated annual revenue of EUR 11.6M. The acquisition aims to consolidate a strategic customer relationship and expand Persistent's nearshore delivery presence in Eastern Europe, while de-risking long-term delivery. The transaction is not a related party transaction and is expected to close within 4-8 weeks.
- · The acquisition is structured as a business purchase (asset/liability/employee transfer), not a share acquisition.
- · Concise Systems was founded in 2008 in Estonia and provides software engineering and IT consulting services.
- · The acquired business is already structured as a sub-contract arrangement through Persistent, indicating an existing relationship.
- · The acquisition is expected to be completed within 4-8 weeks, subject to customary closing conditions.
- · No governmental or regulatory approvals are required for the acquisition.
28-05-2026
Apar Industries reported strong FY26 results with consolidated revenue from operations at ₹22,902.12 Cr, up 23.3% YoY from ₹18,581.21 Cr in FY25. Consolidated profit after tax grew 18.9% YoY to ₹976.93 Cr (FY25: ₹821.30 Cr). However, the board noted an exceptional item of ₹32.53 Cr (₹7.54 Cr in Q4) for past gratuity costs, and the full fiscal includes a dividend recommendation of Rs.60 per share. While the conductors and cables segments posted strong growth, the transformer and specialty oils segment revenue in Q4 was sequentially lower (₹1,310.87 Cr vs ₹1,457.93 Cr in Q3), indicating mixed segment performance.
- · Board recommended a final dividend of Rs.60 per share (face value Rs.10) for FY26, aggregating Rs.241.01 Cr, subject to shareholder approval at the AGM.
- · Exceptional item of Rs.32.53 Cr (consolidated) and Rs.32.36 Cr (standalone) booked for past gratuity and compensated absence payables based on actuarial valuation.
- · Allotment of 5,920 equity shares under ESAR Plan 2024 approved.
- · Approval for further investment of up to BRL 550,000 in wholly owned subsidiary Apar Industries Latam Ltda, Brazil.
- · Appointment of M/s Deloitte Touche Tohmatsu LLP as Internal Auditor and M/s. Rahul Ganesh Dugal & Co as Cost Auditor for FY 2026-2027.
- · Statutory auditors issued an unmodified opinion on both standalone and consolidated financial results.
28-05-2026
Swelect Energy Systems Limited, through its Investment Committee, has approved the acquisition of 100% equity shares of USOLAR ASSETCO FOUR PRIVATE LIMITED for a cash consideration not exceeding ₹3.30 Crore. USolar Four, a solar power generation company based in Karnataka with a paid-up capital of ₹10,00,000 and nil turnover/PAT, will become a wholly owned subsidiary of Swelect. The target entity is yet to commence operations and proposes to set up a solar power plant of up to 26.6 MWp DC under a group captive scheme, with the acquisition cost representing about 0.5% of Swelect's consolidated operational revenue for FY26, though no near-term revenue contribution is expected from the pre-revenue target.
- · Target entity was incorporated on 2nd June 2025 and is yet to commence commercial production/operations.
- · No governmental or regulatory approvals are required for the acquisition.
- · The acquisition is not a related party transaction at present, but USolar Four will become a related party (wholly owned subsidiary) post-completion.
- · The acquisition will be executed through a Securities Purchase Agreement or definitive agreement with selling shareholders of USolar Four.
- · The target entity has nil turnover and nil PAT for its latest financial period (audit for first financial year yet to be completed).
- · Line of business acquired includes erection/commissioning of solar/renewable energy devices, consultancy, installation, maintenance, and operation of renewable energy systems.
- · The acquisition cost of ₹3.30 Crore equates to approximately 0.5% of Swelect's consolidated operational revenue for FY26, indicating a relatively small-scale transaction.
28-05-2026
Ashika Credit Capital Ltd. (ACCL) has allotted 4,03,52,586 equity shares to eligible shareholders of Ashika Global Securities Pvt Ltd (AGSPL) under a composite scheme of amalgamation approved by the NCLT, Kolkata Bench on May 8, 2026. Simultaneously, 1,13,51,990 existing shares held by AGSPL and its subsidiary were cancelled, resulting in a net increase in paid-up equity share capital from ₹44,72,49,710 to ₹73,72,55,670. Post-allotment, promoter and promoter group shareholding stands at 74.52% of the total equity.
- · The share exchange ratio is 6,726 equity shares of ACCL (₹10 face value) for every 10,000 equity shares of AGSPL.
- · Record date for allotment was May 27, 2026.
- · The NCLT Kolkata Bench approved the scheme via final order dated May 8, 2026.
- · Post-allotment, the issued & subscribed paid-up share capital is ₹73,73,17,410 comprising 7,37,31,741 equity shares.
- · The meeting of the Merger & Acquisition Committee lasted from 3:30 PM to 3:55 PM on May 28, 2026.
28-05-2026
Ashika Credit Capital Ltd. allotted 4,03,52,586 fully paid-up equity shares (₹10 face value each) to eligible shareholders of Ashika Global Securities Pvt Ltd on 28th May 2026, under a composite Scheme of Amalgamation approved by the NCLT Kolkata Bench on 8th May 2026. Simultaneously, 1,13,51,990 existing equity shares held by the transferor entities were cancelled in entirety, representing 25.38% of the pre-allotment paid-up capital. The paid-up equity share capital increased from ₹44,72,49,710 (4,47,24,971 shares) to ₹73,72,55,670 (7,37,25,567 shares) after accounting for both the allotment and the cancellation.
- · The Record Date for determining eligible shareholders of AGSPL was 27th May 2026.
- · The NCLT Kolkata Bench final order approving the scheme was dated 8th May 2026.
- · The Board meeting (Merger & Acquisition Committee) commenced at 3:30 PM and concluded at 3:55 PM IST on 28th May 2026.
- · Allotment includes 6 fractional entitlement shares to Catalyst Trusteeship Limited as corporate trustee.
- · Post-completion, Promoter & Promoter Group holds 5,49,37,186 equity shares representing 74.52% of total share capital.
- · Largest individual promoter holding is Pawan Jain with 87,66,254 shares (11.89%), followed by Flower Infrastructure LLP with 85,67,054 shares (11.62%) and Ashika Global Finance Pvt Ltd with 61,20,000 shares (8.30%).
- · The newly allotted shares will rank pari passu with existing shares and are to be listed on BSE Limited, subject to regulatory approvals.
28-05-2026
Ecoplast Ltd. announced that the Scheme of Amalgamation of Kunal Plastics Private Limited (Transferor Company) with Ecoplast Ltd. (Transferee Company) has become effective on May 28, 2026, following the filing of the NCLT order with the Registrar of Companies. The Transferor Company stands amalgamated and dissolved without winding up, and Ecoplast's authorized share capital increases from an unspecified prior amount to ₹10,25,00,000 (₹10.25 Crore) by incorporating the Transferor Company's authorized capital of ₹25,00,000. No financial performance data or period-over-period comparisons are provided in this filing.
- · The NCLT Ahmedabad Bench approved the Scheme via its Order dated May 14, 2026.
- · The certified copy of the Order was filed with the Registrar of Companies, Ahmedabad on May 28, 2026.
- · The amalgamation is effective from May 28, 2026, and the Transferor Company is dissolved without winding up.
- · Ecoplast's Memorandum of Association is amended to reflect the increased authorized share capital of ₹10,25,00,000.
28-05-2026
Relaxo Footwears Limited has approved an investment of up to ₹2.50 crores in a special purpose vehicle (SPV) to be incorporated by CleanMax Enviro Energy Solutions Limited for a group captive solar power project in Haryana. The investment will give Relaxo approximately 26% equity stake in the SPV, making it an associate company. The move supports renewable energy for the company's manufacturing facilities, but the investment amount is relatively small and no financial performance data is provided.
- · The SPV will be incorporated in India and will focus on development, operation, and maintenance of captive solar power projects for Relaxo's manufacturing facilities in Haryana.
- · The investment is in cash and will be made via subscription/acquisition of equity shares with voting rights.
- · The Board meeting started at 12:30 IST and ended at 16:20 IST on May 28, 2026.
- · No governmental or regulatory approvals are required for the incorporation of the SPV.
28-05-2026
Malpani Pipes and Fittings Limited reported a strong financial performance for FY26, with revenue from operations rising 15.6% YoY to ₹16,303.32 lakh (from ₹14,096.73 lakh in FY25) and net profit increasing 11.9% YoY to ₹902.91 lakh (from ₹806.95 lakh). However, earnings per share (EPS) declined 13.4% YoY to ₹8.38 (from ₹9.68) due to a dilutive share capital base after an IPO during the prior year. The Board also approved the 100% acquisition of Terex Industries Private Limited, which will become a wholly owned subsidiary, expected to unlock long-term value through combined manufacturing and export capabilities.
- · The company operates in a single reportable segment: Pipe Manufacturing.
- · Audit opinion is unmodified (clean) for FY26.
- · Company is exempt from IND-AS as it is listed on BSE SME platform; financials prepared under notified Accounting Standards.
- · Property, Plant and Equipment increased from ₹1,209.05 lakh to ₹1,897.61 lakh (+57%) reflecting capex.
- · Capital Work in Progress reduced to zero (from ₹343.99 lakh) indicating project completion.
- · Trade Receivables decreased 10.9% YoY to ₹4,444.41 lakh from ₹4,991.08 lakh, improving cash conversion.
- · Inventories increased 29.3% YoY to ₹4,673.81 lakh from ₹3,615.25 lakh, requiring monitoring.
- · Trade Payables (total) increased 50.7% to ₹3,766.10 lakh from ₹2,965.20 lakh, but payables to Micro and Small Enterprises dropped sharply from ₹350.80 lakh to ₹53.74 lakh.
- · Cash flow from operations strongly positive at ₹1,575.66 lakh versus negative ₹1,395.87 lakh in FY25, a significant reversal.
- · No investor complaints were received during the period.
28-05-2026
Ruchi Infrastructure Limited's Board approved a Composite Scheme of Amalgamation to merge Lennox Investment Pvt. Ltd. and Multiacre Investment Services Pvt. Ltd. into itself. The merger aims to improve capitalisation, reduce preference share obligations, and streamline operations, with no cash consideration and a share exchange ratio of 5,582:1 for Lennox equity and 6,423:1 for Multiacre equity. Post-merger, the company's paid-up equity capital will increase from ₹23,60,24,942 to approximately ₹36,73,33,324, with promoters holding ₹12,67,55,402 and public shareholders ₹24,05,77,922.
- · The amalgamating companies (Lennox and Multiacre) are investment companies with no turnover and are currently not engaged in any significant activity.
- · The merger is not classified as a related party transaction.
- · Share exchange ratios: 5,582 equity shares of Re.1 each of Ruchi Infrastructure for every 1 equity share of Rs.10 of Lennox; 29 equity shares for every 20 CCPS of Lennox; 6,423 equity shares for every 1 equity share of Multiacre; 37 equity shares for every 25 CCPS of Multiacre.
- · No cash consideration is involved.
- · The Board meeting started at 12:30 pm and concluded at 6:35 pm on 28th May 2026.
- · Application for stock exchange observation letter will be made in due course.
28-05-2026
CapitalNumbers Infotech Limited has authorized the acquisition of 100% ownership in Epitome Cloud Inc. and its Indian subsidiary for approximately INR 40 crore (₹40,00,00,000). The acquisition aims to strengthen CapitalNumbers' Salesforce-led digital transformation capabilities and expand its US market presence. However, the target's turnover declined sharply from USD 4,116,898 in CY 2024 to USD 2,867,087 in CY 2025, a drop of about 30.4%.
- · The acquisition is not a related party transaction; no promoter/promoter group/group companies have any interest in the target.
- · The target was incorporated on June 23, 2020, and is headquartered in New Jersey, USA, with operations in India and the US.
- · The acquisition is expected to complete in 8 to 12 weeks, subject to customary conditions.
- · The consideration is cash-based and subject to net working capital and other adjustments.
28-05-2026
Bharatam Ventures Limited (formerly Pet Plastics Ltd.) approved audited standalone and consolidated financial results for Q4 and FY ended March 31, 2026, with an unmodified audit opinion. The board also approved the acquisition of a 99.9987% equity stake in Penganga Sakhar Karkhana Private Limited for a cash consideration of ₹1,79,99,760 (₹1.80 Crore), marking a strategic expansion into sugar and allied agro-processing. Additionally, the company appointed CA Rushikesh A Kakade as internal auditor for FY 2026-27 and Mr. Rahul Chandratre as an additional non-executive director.
- · Acquisition price per share: ₹120 per equity share
- · Target company's turnover grew from ₹1,404 Lakh in FY 2023-24 to ₹8,352.89 Lakh in FY 2025-26, showing rapid growth
- · Acquisition expected to complete within 30 days from May 27, 2026
- · Appointment of Mr. Rahul Chandratre as additional director effective May 28, 2026, subject to shareholder approval
- · Board meeting lasted from 12:00 PM to 7:00 PM on May 28, 2026
28-05-2026
Malpani Pipes and Fittings Limited reported a 15.7% increase in full-year revenue to ₹16,303.32 Lakhs for FY26, with net profit rising 11.9% to ₹902.91 Lakhs. However, the second half (H2 FY26) saw a 12.3% decline in profit compared to H2 FY25, and EPS fell 13.4% for the full year. The Board also approved the acquisition of 100% equity of Terex Industries Private Limited, making it a wholly owned subsidiary.
- · The company's cash and cash equivalents declined from ₹43.52 Lakhs to ₹20.15 Lakhs during FY26.
- · Trade receivables decreased by ₹546.67 Lakhs, while inventories increased by ₹1,058.57 Lakhs.
- · Long-term borrowings decreased by ₹105.95 Lakhs, and short-term borrowings decreased by ₹654.64 Lakhs.
- · The company has no holding, subsidiary, joint venture, or associate concerns prior to the acquisition.
- · The audit report received an unmodified opinion.
- · The company is listed on the SME platform of BSE and is exempt from IND-AS.
28-05-2026
Hindustan Media Ventures Limited's Board on 28th May, 2026 approved Audited Financial Results (Standalone & Consolidated) and audited financial statements for year ended 31st March, 2026, approved an investment of up to GBP 1.67 Million (equivalent to ~ Rs. 21.66 Crore) in Assetvault Limited (AasaanWill), and recommended no dividend for FY 2025-26. Consolidated total income for year ended March 31, 2026 was ₹83,141 Lakh, up modestly from ₹81,142 Lakh in FY 2025; however, the company reported mixed profit performance with Profit before tax from continuing operations decreasing to ₹16,262 Lakh from ₹17,094 Lakh, and combined (continuing + discontinued) profit falling to ₹4,869 Lakh from ₹7,778 Lakh year-over-year.
- · Board meeting commenced at 12:00 Noon and concluded at 12:45 P.M. on 28th May, 2026.
- · No dividend was recommended for the financial year 2025-26.
- · Exceptional items (net loss) from continuing operations for quarter ended March 31, 2026 include (115) Lakh (quarter) and (1,634) Lakh for prior quarter reference in table - impacting PBT corridor.
- · Loss before tax from discontinued operations for year ended March 31, 2026 was (10,636) Lakh versus (9,037) Lakh in prior year (increase in loss).
28-05-2026
Greaves Cotton Limited has approved a further investment of approximately ₹50 Crore in its wholly owned subsidiary, Greaves Finance Limited (GFL), via a rights issue of equity shares. GFL, an NBFC focused on retail e-vehicle financing, reported a turnover of ₹39.52 Crore for FY 2025-26, a significant increase from ₹17.72 Crore in FY 2024-25 and ₹5.75 Crore in FY 2023-24. The investment will be used for general corporate and on-lending purposes, with completion expected by June 5, 2026.
- · GFL was incorporated on 31st December 1958 and is registered as an NBFC.
- · The transaction is a related party transaction but will be at arm's length; no promoter/promoter group/group companies have any interest in GFL.
- · Post-subscription, GFL will continue to be a wholly owned subsidiary of Greaves Cotton Limited.
- · The investment is in cash consideration.
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