India Sector Consolidation Regulatory Filings — July 22, 2026

22-07-2026

Tejassvi Aaharam Limited has acquired 100% of Funk Foods Private Limited (FFPL) via a share swap, issuing 5,11,62,204 equity shares at ₹10 each (at par, no premium) for a total consideration of ₹51,16,22,040 (₹51.16 Cr). FFPL, a freeze-dried food manufacturer, reported a turnover of ₹7.97 Cr for FY2025, a sharp increase from ₹1.71 Cr in FY2024 and ₹0.22 Cr in FY2023, indicating strong growth. However, the acquisition is entirely non-cash and involves no immediate cash outflow, and FFPL's absolute turnover remains modest relative to the consideration.

• · FFPL was incorporated on 28/01/2022 and has presence only in India.
• · The acquisition is not a related party transaction; promoters/promoter group have no interest in FFPL.
• · Appropriate approvals have been obtained from shareholders via postal ballot and from BSE Limited (in-principle approval for issue and allotment).
• · A valuation report from a registered valuer has been obtained and uploaded on the company's website.
• · FFPL's authorised share capital is ₹36,00,00,000 divided into 36,00,000 equity shares of ₹100 each.

22-07-2026

The National Company Law Tribunal (NCLT), Mumbai Bench, has sanctioned a Scheme of Arrangement for Siyaram Silk Mills Limited to issue preference shares by way of bonus to its equity shareholders. Under the scheme, shareholders will receive 4 Preference Shares (Series I) and 3 Preference Shares (Series II), each of face value ₹10, fully paid up, for every 1 equity share of ₹2 held. The scheme utilizes the company's substantial surplus general reserves to reward shareholders while maintaining sufficient liquidity for business needs and creditor obligations.

• · The NCLT order was pronounced on July 21, 2026, and the company disclosed it on July 22, 2026.
• · The scheme was approved unanimously by the Board of Directors on October 26, 2024.
• · Meetings of equity shareholders and unsecured creditors were held on December 29, 2025, and the scheme was approved with the requisite majority.
• · The meeting of secured creditors was dispensed with based on their consent affidavits.
• · The company has received observation letters from BSE (dated July 11, 2025) and NSE (dated July 7, 2025) under Regulation 37 of SEBI LODR.
• · The Regional Director (WR), MCA, filed a report on April 15, 2026, with observations, all of which were addressed by the company.
• · No inquiry, inspection, investigation, or prosecution is pending against the company under the Companies Act, 2013.
• · The company's financial statements are filed up to March 31, 2025.

22-07-2026

Ventura Guaranty Ltd. disclosed that the National Company Law Tribunal (NCLT), Mumbai Bench, has sanctioned the amalgamation of its step-down subsidiary Ventura Allied Services Private Limited (VASPL) with its subsidiary Ventura Securities Limited (VSL), with an appointed date of April 1, 2024. The merger aims to simplify the group structure, reduce administrative costs, and improve financial flexibility, though no financial figures or performance metrics were provided in the filing.

• · VASPL is a wholly owned subsidiary of VSL, and both are under the same management.
• · The merger is driven by compliance with Rule 8(1)(f) and 8(3)(f) of the Securities Contracts (Regulation) Rules, 1957, requiring delinking of investment in the wholly owned subsidiary not related to securities/commodity derivatives business.
• · All shareholders and unsecured creditors of VASPL provided consent affidavits, dispensing with meetings.
• · Meetings of equity shareholders, secured creditors, and unsecured creditors of VSL were held on September 12, 2025, and the scheme was approved with requisite majority without modification.
• · The NCLT order was pronounced on July 21, 2026, and the petition was admitted on October 16, 2025.
• · VASPL currently earns lease rental income from leasing office property to VSL and other group companies.

22-07-2026

The Committee of Independent Directors (IDC) of Bliss GVS Pharma Limited has recommended that public shareholders consider the open offer from Anupam Rasayan India Limited (along with PAC Mates Visa Consultancy Private Limited) to acquire up to 2,77,26,848 equity shares (26% of expanded voting capital) at ₹299 per share, aggregating to ₹829,03,27,552. The IDC found the offer price fair and reasonable under SEBI SAST regulations. However, the IDC highlighted that the closing market price on July 17, 2026 was ₹482.50 (BSE) and ₹483.50 (NSE), significantly higher than the offer price, advising shareholders to independently evaluate the offer.

• · The open offer is triggered by the proposed acquisition of 4,58,03,024 equity shares (43.11% of current equity share capital) and consequent change in control.
• · The offer price of ₹299 is the highest of the pricing parameters under Regulation 8(2) of SEBI SAST Regulations.
• · The offer price is not lower than the highest price payable under the Share Purchase Agreement dated May 23, 2026.
• · The IDC members have no relationship with the acquirer or PAC, and none have traded in target company shares (except Chairperson holds 250 shares) or acquirer shares in the past 12 months.
• · The IDC recommendation was unanimous.

22-07-2026

Emcure Pharmaceuticals has completed the acquisition of the remaining 12.05% stake in its subsidiary Gennova Biopharmaceuticals for an aggregate cash consideration of ₹2,318.7 Million, making Gennova a wholly-owned subsidiary. The 663,865 equity shares were acquired from individual shareholders and credited to Emcure's demat account on July 21, 2026. Gennova reported a turnover of ₹4,917.42 Million and a PAT of ₹54.25 Million for FY2025-26, showing revenue growth of 14.4% YoY but a very thin profit margin of approximately 1.1%.

• · Gennova was originally incorporated as 'Emcure Dragon Biotech Limited' on June 19, 2001, and renamed to its current name on February 15, 2006.
• · The transaction is classified as a related party transaction as Emcure already held 87.95% of Gennova, and a Promoter/Director of Emcure is also a Director of Gennova.
• · The acquisition was completed ahead of the indicative deadline of July 31, 2026.
• · Gennova's PAT for FY2025-26 was only ₹54.25 Million, representing a net profit margin of approximately 1.1% on turnover of ₹4,917.42 Million.

22-07-2026

Godrej Consumer Products Limited (GCPL) has invested ₹200 Crore in its wholly-owned subsidiary Godrej Pet Care Limited via a rights issue to fund the subsidiary's business operations, growth plans, and capital requirements. The investment, completed on July 22, 2026, reinforces GCPL's commitment to the pet care category, a strategic growth area. However, Godrej Pet Care's revenue remains very small at ₹222.1 Lakh for FY26, and its revenue declined sharply from ₹73.11 Lakh in FY24 to ₹46.33 Lakh in FY25 before recovering, indicating early-stage volatility.

• · Godrej Pet Care was incorporated on January 4, 2022, originally as Godrej Consumer Care Limited, and renamed to Godrej Pet Care Limited effective October 28, 2024.
• · The investment was made at a premium of ₹114 per share on a rights basis, with a face value of ₹10 per share.
• · The transaction is a related-party transaction (subsidiary) but conducted at arm's length; promoter/promoter group/group companies have no interest in Godrej Pet Care except through GCPL's shareholding.
• · No governmental or regulatory approvals were required for the investment.
• · The investment is a primary capital infusion, not a secondary purchase/sale.

22-07-2026

Inox Green Energy Services Limited has fixed August 1, 2026 as the record date for its demerger scheme with Inox Renewable Solutions Limited (IRSL). Eligible shareholders will receive 122 equity shares of IRSL for every 1,000 shares held in Inox Green Energy Services. The company confirms no outstanding warrants exist, making the warrant exchange ratio inapplicable.

• · Record date is Saturday, 1st August 2026.
• · Face value of both Inox Green and IRSL equity shares is Rs. 10 each.
• · No outstanding warrants exist as of the filing date.

22-07-2026

Rubicon Research Limited has filed a Scheme of Merger for its wholly owned subsidiary, Kia Health Tech Private Limited, with itself under Section 233 of the Companies Act, 2013. The merger, approved by the Board on July 20, 2026, with an appointed date of April 1, 2026, aims to achieve business synergies, eliminate duplicate work, and reduce regulatory compliances. No financial figures, share issuance, or consideration are involved, and the scheme is exempt from prior stock exchange approval as it solely involves a wholly owned subsidiary merger.

• · The appointed date for the merger is April 1, 2026.
• · The scheme is filed under Section 233 of the Companies Act, 2013, and is exempt from prior stock exchange approval under SEBI Master Circular dated June 20, 2023.
• · No shares will be issued and no consideration will be paid as part of this merger.
• · Kia Health Tech Private Limited was originally incorporated as KIA Biopharma Technologies Private Limited in July 2021 and renamed in January 2022.
• · The merger is intended to optimize resources, reduce overheads, and improve cash management efficiency.

22-07-2026

Crest Ventures Limited (CVL) has received observation letters from BSE and NSE with 'no adverse observations' and 'no objection' respectively regarding its proposed scheme of arrangement with Crest Capital and Investment Limited (CCIL). The exchanges have outlined several conditions, including disclosure of ongoing adjudication and recovery proceedings, compliance with SEBI circulars, and ensuring that financials in the scheme are not more than 6 months old. The listing of CCIL's equity shares is subject to SEBI granting relaxation under Rule 19(2)(b) of the SCRR and compliance with other requirements. The observation letter is valid for six months from July 20, 2026, within which the scheme must be submitted to the NCLT.

• · The observation letter from BSE is dated July 20, 2026, and is valid for six months (until approximately January 20, 2027) for filing the scheme with NCLT.
• · SEBI provided comments on the draft scheme via a letter dated May 29, 2026, including 20 specific observations/conditions.
• · The listing of CCIL's equity shares is subject to SEBI granting relaxation under Rule 19(2)(b) of the Securities Contract (Regulation) Rules, 1957.
• · The scheme includes a condition that shares allotted pursuant to the scheme shall remain frozen in the depository system until listing/trading permission is given by the designated stock exchange.
• · There shall be no change in the shareholding pattern of CCIL between the record date and the listing which may affect the status of this approval.

22-07-2026

United Spirits Limited (USL) has approved an investment of INR 2.69 crore in Nuvola Spirits Private Limited (NSPL) for a 10.08% stake on a fully diluted basis. NSPL, founded in 2023, sells craft liqueur brands Mikiamo and Seoulmate, with unaudited FY25-26 sales of INR 3.50 crore. The investment aligns with USL's strategy to back innovative founders in the premium craft beverage segment.

• · NSPL was incorporated on 2nd August 2023.
• · NSPL had zero sales in FY 23-24.
• · USL has the right to appoint one director and an observer to NSPL's board.
• · The definitive agreements include an option for USL to acquire remaining shares upon achieving milestones.
• · The transaction is not a related party transaction.

22-07-2026

RRIL LIMITED has completed an additional acquisition of 2,87,500 equity shares of Sumati Spintex Private Limited at Rs.10 each, representing an additional 25% stake, increasing its total holding to 75%. As a result, Sumati Spintex Private Limited will become a subsidiary of RRIL LIMITED.

• · The acquisition was completed on July 22, 2026, following a prior disclosure on July 21, 2026.
• · The shares were purchased from existing shareholders of Sumati Spintex Private Limited.
• · The disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
• · The information has been disseminated on the company's website at www.rrillimited.com.

22-07-2026

Samvardhana Motherson International Limited, through its indirect wholly owned subsidiary Motherson Global Investments B.V. (MGI BV), has completed the acquisition of an 81% stake in Yutaka Giken Co., Ltd. (YGCL) and an 11% stake in Shinnichi Kogyo Co., Ltd. The final closing of the transaction occurred on July 21, 2026, following a share buyback by YGCL from Honda Motor Co., Ltd. Post-acquisition, YGCL's shareholding is 81% held by MGI BV and 19% held by Honda Motor.

• · The acquisition was initially disclosed on August 29, 2025.
• · The time period for completion was previously mentioned as Q2 FY2026-2027 in a June 30, 2026 disclosure.
• · A status update regarding receipt of Voluntary Sale Permission Decision from the competent court was provided on July 17, 2026.
• · YGCL was listed on the Tokyo Stock Exchange.
• · The definitive agreements required YGCL to complete a buyback of shares held by Honda Motor Co., Ltd. before final closing.