India Sector Consolidation Regulatory Filings — October 26, 2026

26-10-2026

ITC Hotels Limited's Board approved, at its meeting on 26 October 2026, the incorporation of a wholly owned subsidiary in Dubai, UAE, subject to necessary regulatory approvals. ITCHL will subscribe 100% of the share capital at face value for an amount not exceeding ₹ 20 crore, to be infused in tranches. The filing is a disclosure of a new subsidiary setup and does not involve an acquisition of an existing business.

• · Board meeting commenced at 12:35 p.m. and concluded at 1:20 p.m. on 26 October 2026
• · Disclosure made under Regulation 30 of SEBI (LODR) Regulations, 2015, read with SEBI Master Circular dated 30 January 2026
• · Subsidiary's name, capital structure timing, and tranche schedule were not disclosed in the filing

26-10-2026

Gravita India Limited has incorporated Gravita Recyclers USA Inc. as a wholly owned subsidiary in the United States, following an earlier intimation dated 5 October 2026 about the proposed subsidiary. The entity was incorporated on 16 October 2026 with initial capital of USD 50,000 and 100% shareholding held by the company, and it has not yet commenced business.

• · Stated business objective of the subsidiary is trading of scrap and scrap materials, consistent with the parent's main line of business
• · Transaction is classified as a related party transaction since the subsidiary is wholly owned
• · No governmental or regulatory approvals were required and no completion timeline applies
• · Filing is an update to the earlier intimation dated 5 October 2026

26-10-2026

Indegene Limited disclosed under Regulation 30 of SEBI LODR that its step-down wholly owned subsidiary, INDEGENE PORTUGAL, UNIPESSOAL LDA, was incorporated in Portugal on 23 October 2026, with the company receiving confirmation on 26 October 2026. The entity is held 100% by Indegene Ireland Limited, is yet to begin operations with nil turnover, and is set up to establish a presence in Portugal. This is a new subsidiary incorporation, not an acquisition of an existing business.

• · Subsidiary is in the life sciences, healthcare, and biopharmaceutical services space, including clinical development, medical affairs, medical education and communications support
• · No related party transactions as the entity has not yet begun operations
• · No governmental or regulatory approvals required; consideration and acquisition cost not applicable

26-10-2026

Euro Pratik Sales Limited has put on hold its proposed investment of ₹42.70 Crore in Fabwood Solutions LLP, which was intended to acquire a 56% stake, citing other matters requiring consideration. The company is evaluating the way forward with its legal advisors and will disclose material developments as required under LODR.

• · The original disclosure referenced was dated September 23, 2026
• · The company has consulted legal advisors on the way forward for the transaction
• · No timeline has been given for the final decision on the transaction

26-10-2026

Ekam Leasing and Finance Co. Limited (BSE Scrip Code 530581) disclosed an update on the Scheme of Amalgamation under Sections 230-232 of the Companies Act, in which Rex Overseas Private Limited and S & S Balajee Mercantile Private Limited (Transferor Companies) would merge into Ekam Leasing as the Transferee Company. At the NCLT New Delhi (Court-III, Division Bench) hearing on 12 October 2026, the Tribunal granted the RBI liberty to refile its report within one week, directed the Regional Director to bring its report on record within one week (with any response due within two weeks), and directed the Income Tax Department and Official Liquidator to file reports within two weeks. The next hearing is fixed for 14 December 2026. The filing contains no monetary amounts, valuation, or share exchange ratio.

• · Company Petition No. CP.CAA-48/ND/2026 is before the NCLT New Delhi Bench, Court-III (Division Bench); the hearing was held on 12 October 2026 and the order was received by the company on 16 October 2026
• · RBI was granted liberty to file its report afresh within one week
• · SEBI stated it has no role in the matter and was given liberty to file a short affidavit within one week
• · Regional Director must bring its report on record within one week, with any response due within two weeks
• · Income Tax Department and Official Liquidator must file reports within two weeks
• · This is the second motion petition, following an earlier intimation dated 2 September 2026

26-10-2026

DCM Shriram's Board approved unaudited standalone and consolidated results for the quarter and half year ended 30 September 2026, with Q2 FY27 total revenue from operations of ₹4064.29 Crore (up 20.3% YoY from ₹3378.15 Crore, and up 11.1% QoQ from ₹3659.64 Crore) and Profit after tax of ₹144.35 Crore (down 14.3% YoY from ₹168.47 Crore), while H1 PAT of ₹855.78 Crore was boosted by a one-off tax adjustment credit of ₹474.30 Crore. The Board also declared an interim dividend of ₹4 per share (200%) with a record date of 30 October 2026, approved capital expenditure totalling up to ₹385 crore across filter presses, a solar plant and electrolysers, and approved a ₹50 crore equity contribution to Shriram Teknor Limited.

• · H1 FY27 PAT of ₹855.78 Crore includes a one-off net tax adjustment credit of ₹474.30 Crore (current tax ₹98.05 Crore and deferred tax ₹376.25 Crore) relating to earlier years, plus an exceptional item of ₹106.03 Crore in Q1 FY27; underlying profitability is materially weaker than headline PAT suggests
• · Q2 FY27 profit before exceptional item and tax was ₹193.72 Crore versus ₹253.79 Crore in Q2 FY26, a 23.7% decline
• · Q2 FY27 power and fuel costs rose to ₹608.55 Crore from ₹466.91 Crore (up 30.3% YoY), pressuring margins
• · Trade receivables rose to ₹1503.06 Crore from ₹993.79 Crore at March 2026 (up 51.2%), while operating cash flow for H1 FY27 was ₹1019.45 Crore versus ₹1371.90 Crore in H1 FY26 (down 25.7%)
• · Interim dividend record date is 30 October 2026, with payment within 30 days of declaration
• · Rabinarayan Mishra ceases as LIC nominee director effective 1 November 2026; Salil Vishwanath is proposed as replacement, subject to shareholder approval and DIN allotment

26-10-2026

Varroc Engineering Limited has executed the Securities Subscription and Purchase Agreement (SSPA) and Shareholders' Agreement (SHA) for its proposed investment in Forsee Power India Private Limited, a battery pack and battery management systems maker for electric mobility. Upon completion, Varroc will hold 45% equity (2,95,398 equity shares) plus 80,380 OCRPS, with aggregate consideration capped at €4.5 Million, and completion is subject to conditions precedent expected by December 31, 2026. Forsee's reported turnover was ₹18,83,88,451 for FY2026, up from ₹10,57,37,870 in FY2025 but still below FY2024's ₹16,04,32,770 level...

• · Forsee's turnover fell 34.1% in FY2025 before recovering 78.1% in FY2026, though FY2026 remains about 17% above FY2024
• · Transaction is not a related party transaction and no promoter or group company has an interest in Forsee
• · No governmental or regulatory approvals are required for the acquisition
• · Completion is targeted on or before December 31, 2026, unless otherwise mutually agreed

26-10-2026

Shoppers Stop Limited has completed the second tranche of its approved additional investment in Global SS Beauty Brands Limited (GSSBBL), its wholly owned material subsidiary, by subscribing to 1,000 0.01% Non-Cumulative Optionally Convertible Preference Shares (NOCPS) of Rs. 1,00,000 each for Rs. 10 Crore. Total investment in GSSBBL's preference share capital rises to Rs. 135 Crore against the Rs. 40 Crore approved in May 2026 for this tranche program. GSSBBL's turnover grew to Rs. 379.75 Crore in FY 2025-26 from Rs. 220.02 Crore in FY 2024-25, while the filing describes it as in an expansion phase needing additional funds.

• · Allotment of the NOCPS to GSSBBL is expected to be completed within 15 working days
• · GSSBBL is in an expansion phase and will use the funds for proposed expansion plans and working capital requirements
• · The transaction is a related party transaction only through the promoter group's 66.01% interest in the Company; no Audit Committee approval is required since GSSBBL is wholly owned
• · Consideration is entirely cash; no governmental or regulatory approvals required beyond routine registrations
• · Rs. 25 Crore of the Rs. 40 Crore approved investment remains available for future tranches

26-10-2026

KPI Green Energy Limited disclosed that its step-down subsidiary Sun Drops Energia Limited (SDEL) incorporated two wholly owned entities, KPGC Four Private Limited and KPGC Five Private Limited, on October 26, 2026. Both companies have authorized and subscribed capital of Rs. 1,00,000 each, are yet to commence business, and are focused on renewable energy generation, storage, and transmission. This is an incorporation of new subsidiaries rather than an acquisition of an existing business.

• · Both entities are registered with the Registrar of Companies, Ahmedabad
• · Entities have nil turnover as they have not commenced business operations
• · No related party transaction, governmental, or regulatory approvals are required
• · Cash consideration of Rs. 1,00,000 per company applies

26-10-2026

Rollatainers Limited's Board approved, on 26 October 2026, the preliminary allotment of 13,45,29,149 convertible warrants at Rs. 2.23 each (aggregating up to Rs. 30,00,00,002) to three allottees, of which 25% (Rs. 7,50,00,003) has been received upfront. The Board also approved a share purchase agreement to acquire a controlling stake (62.14% from two sellers) in Satelite Forging Private Limited, a related party, to make it a wholly owned subsidiary within 12-18 months for Rs. 48.95 per share in cash. The target's turnover grew from Rs. 3,728.57 Lakh (FY 2023-24) to Rs. 6,660.08 Lakh (FY 2024-25) and Rs. 7,155.25 Lakh (FY 2025-26), though the FY 2025-26 growth was modest at roughly 7.4%.

• · Warrants are exercisable within 18 months of allotment; unexercised warrants lapse and the 25% upfront amount is forfeited
• · Amzen Financial Services (proposed promoter group) would hold 16.20% post-issue on a fully diluted basis, the largest allottee
• · Acquisition is a related party transaction approved by shareholders at the AGM on 30 September 2026, with common Ultimate Beneficial Owners and stated arm's length basis
• · Combined stake from the two named sellers is 62.14% (16.32% + 45.82%), so completion depends on acquiring the requisite control under applicable law
• · No change in paid-up share capital at this stage since only convertible warrants have been allotted

26-10-2026

HCL Technologies announced the completion of its acquisition of 100% of Robotic Process Automation d.o.o. ("Robotiq.ai"), a Croatian company, through HCL Technologies Austria GmbH, a step-down wholly owned subsidiary. The deal, first intimated on September 28, 2026, closed at 4:58 p.m. IST on October 26, 2026. The filing discloses no transaction value, financial metrics, or other quantitative terms.

• · Target is incorporated under the laws of the Republic of Croatia
• · Acquiring entity is a step-down wholly owned subsidiary of HCL Technologies
• · Acquisition completion timestamp: 4:58 p.m. IST, October 26, 2026

26-10-2026

Mankind Pharma's Board approved unaudited standalone and consolidated results for the quarter and half year ended September 30, 2026, reporting standalone revenue from operations of ₹3,145.22 Cr for the quarter (up from ₹2,636.95 Cr in Q2 FY26, roughly 19% YoY) and standalone profit for the period of ₹581.95 Cr, up about 27% YoY. The Board also approved a scheme of amalgamation merging two wholly owned subsidiaries, Prolijune Lifesciences and Pavi Buildwell, into the parent with an appointed date of April 1, 2027, and took note of a second scheme merging Upakarma Ayurveda into Mankind Consumer Products. However, standalone finance costs fell to ₹87.74 Cr from ₹149.22 Cr YoY, while other comprehensive income and the Emphasis of Matter on pending income tax proceedings remain points of caution.

• · Scheme 1 appointed date is April 1, 2027 and requires NCLT approval, shareholder/creditor approval as may be required, and other statutory approvals; it is exempt from the stock exchange No-Objection Letter under Regulation 37(6) and is filed for disclosure only
• · Scheme 2 remains subject to statutory and regulatory approvals and was approved by the subsidiaries' boards on October 26, 2026
• · Auditors include an Emphasis of Matter on income tax proceedings following a Section 132 search, with an appeal pending before appellate tax authorities; the conclusion is not modified
• · Prior-period comparatives for Sept 2025 were restated for the business combination (acquisition of the Bharat Serums and Vaccines Limited undertaking) under Ind AS 103
• · Standalone six-month revenue from operations was ₹6,109.27 Cr versus ₹5,206.68 Cr a year earlier, roughly 17% growth
• · Standalone profit for the six months ended Sept 30, 2026 was ₹1,140.44 Cr versus ₹875.07 Cr, roughly 30% growth
• · Standalone basic EPS for the quarter was ₹14.09 versus ₹11.15 a year earlier, while standalone other income declined about 24% YoY

26-10-2026

Sunita Tools Limited executed a 50:50 Joint Venture Share Acquisition and Strategic Cooperation Agreement on October 24, 2026, to acquire 50% of the issued share capital and voting rights of an unnamed Bulgarian defence-industry entity incorporated in March 2002. The deal, expected to close in approximately 90 days, is conditional on due diligence, an independent valuation, FEMA/Overseas Investment compliance, and regulatory approvals in India and Bulgaria, and is aimed at expanding the company's European defence presence and NATO/NCAGE qualifications. Target entity name, turnover, and consideration amount are not disclosed.

• · Consideration is cash, with price to be fixed after due diligence and recorded in a signed addendum; no transaction value has been disclosed
• · Related party status: none disclosed; consideration to be arm's length, supported by independent valuation
• · No statutory approvals required per Annexure-A, though the cover letter cites conditions including FEMA/Overseas Investment compliance and regulatory approvals in India and Bulgaria
• · Target entity's name and turnover history for last three years are withheld on commercial confidentiality grounds
• · Target entity is an existing shareholder-controlled company; the seller retains the other 50%

26-10-2026

APL Apollo Tubes' Board approved unaudited consolidated results for the quarter and half year ended September 30, 2026, reporting quarterly revenue from operations of ₹7,001.70 Crore (up 26.6% YoY from ₹5,531.28 Crore, but up 24.9% QoQ) and quarterly profit after tax of ₹382.42 Crore (up 26.8% YoY from ₹301.54 Crore). The Board also approved acquiring an additional 31% stake in newly incorporated SG Enterprise Solutions Private Limited for ₹1,55,000 in cash, raising its holding from 20% to 51% and making it a subsidiary; the transaction is a related party deal with two related-party transferors and is expected to close by December 31, 2026. Performance was not uniformly positive: quarterly finance costs rose 89.9% YoY to ₹52.40 Crore, and purchases of stock-in-trade fell 53.3% YoY to ₹216.79 Crore.

• · Income tax related to earlier years was ₹0.19 Crore in the quarter, versus ₹0.19 Crore in the prior-year quarter.
• · Other income for the quarter rose to ₹40.16 Crore from ₹25.07 Crore a year earlier, up 60.2% YoY.
• · Half-year consolidated revenue from operations reached ₹12,608.41 Crore, up 17.8% from ₹10,701.05 Crore in the prior-year half.
• · Half-year profit for the period rose to ₹645.53 Crore from ₹538.71 Crore, up 19.8% YoY.
• · Total expenses for the quarter were ₹6,542.14 Crore (approximately; figure partly obscured in source), against ₹5,169.99 Crore a year earlier.
• · The acquisition consideration of ₹1,55,000 is nominal relative to group scale, and the target has no operating history or turnover.
• · Statutory auditor did not review one subsidiary's results, which contributed ₹425.01 Crore of quarterly revenue (about 6% of consolidated quarterly revenue), relying on another auditor's review.