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India Technology Sector Merger & Acquisition Filings — May 18, 2026

India Tech M&A Activity

By Gunpowder Editorial ·

1 high priority 22 medium priority 23 total filings analysed

Executive Summary

The 23 filings for May 18, 2026 reveal a bifurcated India Tech M&A landscape: large strategic deals in healthcare and fintech (Max Healthcare's ₹298 Cr acquisition of Kalinga Hospital; TVS Motor's ₹193 Cr stake in Jana Small Finance Bank with 17% YoY income growth), contrasted with opaque SAST disclosures from several small/mid-caps where no deal value or rationale is provided.

Insider and non-promoter accumulation is evident in Paisalo Digital (promoter group bought 30 lakh shares), Gogia Capital Growth (non-promoter stake rose 2.37% to 9.62%), and Shoora Designs (Singapore fund Fivex Capital crossed 5% in two tranches). Three RTA merger filings signal administrative consolidation in the share registry space. Period comparisons are sparse but TVS Motor's target showed ~17% YoY income growth, and Info Edge invested ₹30 Cr in a negative-net-worth subsidiary for AIF investments. The most critical developments are the closure of Max Healthcare completion (ECB-funded) and TVS Motor's fintech entry, while the high volume of SAST disclosures without details creates uncertainty around control changes.

Materiality, sentiment, and priority are scored by Gunpowder’s analysis pipeline. How we score filings →

Filing types in this digest: M&A · Company update

Tracking the trend? Catch up on the prior India Technology Sector Merger & Acquisition Filings digest from May 17, 2026.

Investment Signals (12)

  • Paisalo Digital ↓ (BULLISH)
    ▲

    Promoter group entities (3) collectively acquired 30,00,000 shares (0.33% equity) via open market on May 14, raising combined holding to 25.96%; no shares encumbered. Strong insider conviction at current levels

  • Gogia Capital Growth Limited ↓ (BULLISH)
    ▲

    Non-promoter Gogia Commodity Trading bought 1,50,000 shares (2.37%) via off-market transfer on May 14, lifting stake from 7.25% to 9.62%. Accumulation by an entity outside the promoter group signals strategic interest

  • Max Healthcare Institute Limited ↓ (BULLISH)
    ▲

    Completed acquisition of ~58.28% controlling stake in Kalinga Hospital for ₹297.97 Cr on May 18, financed by a ₹300 Cr ECB. Closed within 40 days of board approval, indicating efficient execution; healthcare consolidation play with financing arbitrage

  • TVS Motor Company Limited ↓ (BULLISH)
    ▲

    Investment committee approved ₹193.31 Cr acquisition of 4.90% stake in Jana Small Finance Bank (4th largest SFB by AUM). Target posted ₹6,374.76 Cr income (17% YoY growth) and ₹326.43 Cr PAT in FY2025-26. Part of a plan to hold up to 9.9% – strategic entry into high-growth fintech

  • Info Edge (India) Limited ↓ (BULLISH)
    ▲

    Invested ₹30 Cr via 14,01,214 CCDs at ₹214.10 each in wholly owned subsidiary SIHL (net worth negative ₹209.50 Cr but FY25 PAT positive ₹0.86 Cr) d park. Signals commitment to venture/AIF investment despite weak subsidiary balance sheet; potential upside if investments succeed

  • Shoora Designs Limited ↓ (BULLISH)
    ▲

    Singapore-based Fivex Capital VCC increased stake from 4.51% to 5.42% via two separate acquisitions (May 12 and May 17) of 42,000 shares each. Crossing the 5% threshold triggers enhanced disclosure; pattern suggests phased accumulation by a foreign fund

  • Vikran Engineering Limited ↓ (NEUTRAL)
    ▲

    Completed acquisition of 49% stake in NOPL Solar Projects on May 18. Alignment with India's renewable energy push, though no consideration disclosed

  • **Softtech Engineers Limited ↓ (NEUTRAL WATCH)
    ▲

    East India Udyog Ltd & Others triggered SAST Regulation 29(2) disclosure; possible strategic acquisition but no quantitative details – watch for follow-on open offer

  • Nazara Technologies ↓ (NEUTRAL)
    ▲

    Axana Estates LLP & PACs triggered SAST disclosure. If premium implies undervaluation, but lack of details creates uncertainty

  • DRC Systems India Limited ↓ (BEARISH)
    ▲

    Announced acquisition of Skizzle Technolabs with zero financial details – high risk but could be small bolt-on. Opaque execution risks investor confidence

  • Anand Rathi Wealth Limited ↓ (NEUTRAL)
    ▲

    SAST disclosure received; no parties unknown – binary outcome depending on nature of acquirer

  • Lux Industries Limited ↓ (BULLISH)
    ▲

    Incorporated wholly owned subsidiary Lux Global with ₹5 L share capital to facilitate demerger of Vertical C businesses per Family Settlement. Corporate restructuring catalyst; potential value unlock

Risk Flags (8)

  • Info Edge / Subsidiary Net Worth↓ [HIGH RISK]
    ▼

    SIHL has negative net worth of -₹209.50 Cr as of Mar 2025 despite positive PAT of ₹0.86 Cr. ₹30 Cr CCD investment may not be enough to repair balance sheet; substantial impairment risk if AIF investments fail

  • DRC Systems / Opaque Acquisition↓ [HIGH RISK]
    ▼

    Complete absence of deal size, rationale, or target financials for Skizzle Technolabs. High risk rating from analysis; integration or overpayment due diligence impossible

  • Nazara Technologies / Unclear Control Change↓ [MEDIUM RISK]
    ▼

    SAST filing from private LLP (Axana Estates) without any detail – could herald unwanted promoter change or dilution if stake is large. Monitor for 5%, 10% thresholds

  • Softtech Engineers / Unknown Threshold↓ [MEDIUM RISK]
    ▼

    East India Udyog Intentions**: Trigger disclosure without disclosing threshold or price. If stake exceeds 25%, open offer may be required but terms unknown. Risk of value-destructive promoter exit

  • Vikran Engineering / Undisclosed Consideration↓ [LOW-MEDIUM RISK]
    ▼

    49% stake in solar project acquired but no valuation – may be immaterial but may still be small for Vikran; accounting impact unclear

  • Quest Capital Markets & R.S. Software / RTA Merger Disruption [LOW RISK]
    ▼

    Change from C.B. Management to MUFG Intime may cause temporary delays in shareholder services (dividends, transfers) for investors of both companies. Though low financial impact, operational friction possible

  • Pro Fin Capital Services / Incomplete Disclosure↓ [LOW RISK]
    ▼

    SAST from Ramesh Sawalram Saraogi with no share count or price – opens risk of dilutive transaction or sudden change in ownership structure

  • Automobile Products of India Ltd. / Filing Without Context↓ [LOW RISK]
    ▼

    No summary provided beyond risk/materiality labels – lack of transparency raises governance concerns

Opportunities (8)

  • Max Healthcare / Kalinga Hospital Acquisition↓ (OPPORTUNITY)
    ◆

    58.28% controlling stake in a regional hospital chain for ₹298 Cr financed via ECB (~2.5-3% annual cost) provides a yield arbitrage against hospital margins. Expect accretion in H1FY27. Sector tailwind from medical tourism and insurance expansion

  • TVS Motor / Jana Small Finance Bank Stake↓ (OPPORTUNITY)
    ◆

    Entry at 4.9% with option to go to 9.9% gives TVS exposure to 17% YoY income growth SFB. Potential synergy with TVS Credit and vehicle financing. Close expected within 3 months; catalysts include warrants approval by RBI

  • Paisalo Digital / Promoter Buying↓ (OPPORTUNITY)
    ◆

    Insiders buying 0.33% in open market at current levels suggests stock is undervalued relative to digital lending growth. Increased promoter stake also reduces dilutive risk

  • Gogia Capital Growth Non-Promoter Accumulation (OPPORTUNITY)
    ◆

    Gogia Commodity now holds 9.62% via off-market – this is just 5.38% away from open offer threshold (15%). Could lead tomandatory open offer or further stake-building; valuable large shareholder who may push for value unlock

  • Shoora Designs Foreign Fund Flows (OPPORTUNITY)
    ◆

    Fivex Capital, a Singapore VCC, bought shares twice in one week crossing 5%. If trend continues, a Keppel/PE-style takeover approach is possible. Small market cap design company may be undervalued

  • Lux Industries Demerger Play (OPPORTUNITY)
    ◆

    Incorporation of Lux Global as wholly owned subsidiary to hold Vertical C businesses. Demerger likely to unlock value for shareholders of the main company by allowing separate listing of faster-growing segment

  • Info Edge AIF Investment Route (OPPORTUNITY)
    ◆

    SIHL can invest up to ₹30 Cr pool into Alternative Investment Funds, mirroring Info Edge's past successful bets (e.g., Zomato). While net worth is negative, the parent's strong balance sheet supports this venture play – high risk but high reward

  • Vikran Engineering Solar Exposure (OPPORTUNITY)
    ◆

    49% stake in NOPL Solar Projects gives pancakemateriality may still attract ESG-focused investors. Government solar capex pipeline for 2026 GW tenders supports long-term demand

Sector Themes (5)

  • Insider & Smart Money Accumulation in Small/Mid Caps (THEME)
    ◆

    Four filings show stake increases by promoters (Paisalo) or non-promoter entities (Gogia, Shoora's foreign fund, East India Udyog). Pattern signals that informed capital sees value in select Indian small caps, potentially ahead of earnings recovery or sector rotation

  • Healthcare Consolidation via Debt-Financed Acquisitions (THEME)
    ◆

    Max Healthcare's ECB-funded acquisition of Kalinga Hospital exemplifies trend of larger hospital chains acquiring regional players using low-cost foreign debt. Watch for similar moves from Apollo, Fortis as margins stabilize and interest rates favor INR-ECB

  • Fintech Entry by Auto & Auto OEM (THEME)
    ◆

    TVS Motor's stake in Jana Small Finance Bank reflects non-bank incursion into payments/lending. Others (Bajaj, M&M) may follow suit. Regulatory tailwinds for SFB mergers/privatization

  • RTA Industry Consolidation (THEME)
    ◆

    Three companies (Quest Capital, R.S. Software) changed RTA to MUFG Intime following merger of CB Management. Expect more small RTAs being absorbed by large players like MUFG, Link Intime, Karvy

  • Opacity in Takeover Disclosures (THEME)
    ◆

    7 out of 23 filings are SAST disclosures without deal economics – minimal compliance. Investors need to track public announcement timelines for open offers or material shareholding changes to identify risks and opportunities early

Watch List (8)

  • Max Healthcare↓
    👁

    Monitor integration of Kalinga Hospital and revenue/cost synergies. ECB terms (interest rate, tenure) will impact leverage; Q1 FY27 results due in August will show impact [Watch]

  • TVS Motor↓
    👁

    Stake closing expected within 3 months (by Aug 18). Also watch for RBI approval of promoter group's warrants subscription. Any delay could signal regulatory hurdles [Watch]

  • Paisalo Digital↓
    👁

    Further promoter buying beyond 30 lakh shares would reinforce bullish signal. Also watch for quarterly AUM growth and NIM trends in upcoming results [Watch]

  • Gogia Capital Growth↓
    👁

    Non-promoter stake at 9.62% – any additional acquisition above 10% triggers further disclosures. Off-market transfers may indicate negotiated bulk deals [Watch]

  • **Shoora**Shoora Designs**
    👁

    Fivex Capital's buying pattern (2 trades in a week) suggests continued accumulation. Next trigger at 10% – watch for intraday volume spikes [Watch]

  • DRC Systems↓
    👁

    Need details of Skizzle acquisition – any announcement on deal size, funding, or strategic rationale before Q1 results would reduce uncertainty [Watch]

  • Softtech Engineers↓
    👁

    East India Udyog must disclose stake size within 2() within days – if above 10%, further SAST filings. Possible acquisition of board control or open offer [Watch]

  • Info Edge / SIHL↓
    👁

    Deploy of ₹30 Cr into specific AIFs will indicate investment focus. Monitor quarterly subsidiary financials to see if net worth improves with new equity [Watch]

Filing Analyses (23)
Nazara Technologies Limited Merger/Acquisition neutral materiality 3/10

18-05-2026

This is a regulatory disclosure under SEBI (SAST) Regulations, 2011 for Axana Estates LLP & PACs regarding Nazara Technologies. No deal structure, valuation, or strategic rationale details are provided in the filing. The filing is purely a compliance notification and lacks quantitative data necessary for investment analysis.

  • · Filing is a disclosure under SEBI SAST Regulation 29(2) for Axana Estates LLP & PACs.
  • · No specific share count, percentage stake, or transaction value disclosed in the provided summary.
  • · The filing date is May 18, 2026 – future date relative to current knowledge cutoff (2025).
  • · No details on whether this triggers an open offer or other regulatory obligations.
Visa Steel Limited Merger/Acquisition materiality 5/10

18-05-2026

DRC Systems India Limited Merger/Acquisition neutral materiality 1/10

18-05-2026

DRC Systems India Ltd announced an acquisition/investment in Skizzle Technolabs India Private Limited under Regulation 30 LODR. The filing provides no financial details, deal structure, valuation, or strategic rationale, making it purely informational at this stage.

  • · Announcement made under Regulation 30 of SEBI LODR.
  • · Target entity: Skizzle Technolabs India Private Limited.
  • · No deal size, valuation, or payment terms disclosed.
  • · No timeline for completion mentioned.
Anand Rathi Wealth Limited Merger/Acquisition neutral materiality 1/10

18-05-2026

Anand Rathi Wealth Limited filed a disclosure under SEBI SAST Regulations (31(1) and 31(2)) on May 18, 2026. The filing only confirms receipt of a substantial acquisition disclosure; no details of the transaction (parties, deal value, swap ratio, strategic rationale) are provided. In the absence of any quantitative or qualitative data, no material impact can be assessed.

QUEST CAPITAL MARKETS LIMITED Merger/Acquisition neutral materiality 3/10

18-05-2026

Quest Capital Markets Limited has informed BSE about the change in its Registrar and Share Transfer Agent (RTA) due to the merger of its existing RTA, C B Management Services Private Limited, with MUFG Intime India Private Limited. Effective immediately, all shareholder correspondence should be directed to MUFG Intime India Private Limited at the provided address. The change has no financial impact on the company.

  • · New RTA: MUFG Intime India Private Limited, SEBI Registration No. INR000004058
  • · Registered Office: C-101, Embassy 247, LBS Marg, Vikhroli (West), Mumbai – 400083
  • · Correspondence Office: Rasoi Court, 5th Floor, 20 Sir R N Mukherjee Road, Kolkata – 700001
  • · Contact: 033 6906 6200, investor.helpdesk@in.mpms.mufg.com, www.in.mpms.mufg.com
Premier Polyfilm Limited Merger/Acquisition materiality 5/10

18-05-2026

QUEST CAPITAL MARKETS LIMITED Merger/Acquisition neutral materiality 2/10

18-05-2026

Quest Capital Markets Limited informed BSE that its Registrar and Share Transfer Agent (RTA), C B Management Services Private Limited, has been merged with MUFG Intime India Private Limited. Consequently, the new RTA is MUFG Intime India Private Limited, effective immediately. Shareholders and stakeholders are requested to direct all future correspondence regarding securities to the new RTA.

  • · New RTA: MUFG Intime India Private Limited, SEBI Registration No. INR000004058
  • · Registered office: C-101, Embassy 247, LBS Marg, Vikhroli (West), Mumbai – 400083
  • · Correspondence office: Rasoi Court, 5th Floor, 20 Sir R N Mukherjee Road, Kolkata – 700001
  • · Contact: 033 6906 6200, email: investor.helpdesk@in.mpms.mufg.com
  • · Change is due to merger/amalgamation of prior RTA into MUFG Intime India Private Limited
Pro Fin Capital Services Ltd Merger/Acquisition neutral materiality 1/10

18-05-2026

Pro Fin Capital Services Ltd has received a disclosure under SEBI SAST Regulation 29(2) from Ramesh Sawalram Saraogi, indicating a substantial acquisition of shares. However, no specific deal structure, valuation, or strategic details are provided in the filing. The disclosure is informational and does not include quantitative data on transaction size, share count, or financial impact.

  • · Filing is a SAST disclosure under Regulation 29(2) for Ramesh Sawalram Saraogi.
  • · No details on number of shares acquired, price, or post-acquisition stake.
Softtech Engineers Limited Merger/Acquisition neutral materiality 2/10

18-05-2026

Softtech Engineers Limited has received a disclosure under SEBI (SAST) Regulations, 2011 from East India Udyog Ltd & Others regarding substantial acquisition of shares. The filing provides no quantitative details such as deal value, number of shares acquired, or price. While this signals a potential change in shareholding, the lack of information prevents any assessment of financial impact or strategic rationale.

  • · Acquirer(s) – East India Udyog Ltd & Others – have triggered a disclosure under SAST Regulation 29(2).
  • · The exact percentage of shares acquired, price, and total deal value are not mentioned in the filing.
  • · This is a 'Schedule B' disclosure under SAST, typically triggered upon crossing 5%, 10%, 14%, 54%, 74%, etc., but the specific threshold is undisclosed.
Vikran Engineering Limited Merger/Acquisition neutral materiality 3/10

18-05-2026

Vikran Engineering Ltd has completed the acquisition of a 49% stake in NOPL Solar Projects Private Limited, as per the BSE announcement under Regulation 30 (LODR) dated May 18, 2026. The filing discloses no additional financial or strategic details, making the transaction purely informational at this stage. No quantitative or qualitative metrics beyond the stake percentage and completion status are provided.

  • · Acquisition of 49% stake in NOPL Solar Projects Private Limited has been completed.
  • · No consideration amount, swap ratio, or valuation details provided in the filing.
  • · No mention of whether the target is a subsidiary or associate post-acquisition.
  • · No change in shareholding pattern of Vikran Engineering Ltd disclosed.
R. S. Software (India) Limited Merger/Acquisition neutral materiality 2/10

18-05-2026

R. S. Software (India) Limited has informed exchanges that its Registrars & Share Transfer Agents (RTA), C. B. Management Services Private Limited, will merge with MUFG Intime India Private Limited (formerly Link Intime India Private Limited). Consequently, C. B. Management intends to voluntarily surrender its SEBI registration (No. INR000004440) and client companies' investors will continue to be serviced from the same Kolkata address by the new entity. The public notice was published on May 14, 14, 2026, in Financial Express (Mumbai) and Aajkal Bengali Daily.

  • · C. B. Management Services holds SEBI Registration No. INR000004440; MUFG Intime holds Registration No. INR000004058.
  • · Investor service address remains unchanged: Rasoi Court, 5th Floor, 20 Sir R N Mukherjee Road, Kolkata – 700001.
  • · Contact phone: (033)6906.6200 or investor.helpdesk@in.mpms.mufg.com for queries.
  • · Notice published on May 14, 2026, and email forwarded on May 18, 2026.
Aeroflex Neu Limited Merger/Acquisition materiality 5/10

18-05-2026

Lux Industries Limited Merger/Acquisition neutral materiality 5/10

18-05-2026

Lux Industries Limited incorporated a wholly owned subsidiary, Lux Global Limited, on May 18, 2026, in West Bengal, India, with a share capital of ₹5,00,000 (2,50,000 equity shares of ₹2 each). The subsidiary is being set up pursuant to a Family Settlement Agreement to facilitate the proposed demerger of Vertical C businesses. No financial operations have commenced for the new entity.

  • · The subsidiary is a related party (directors include promoters) but the acquisition is not a related party transaction.
  • · The subsidiary has yet to commence business operations; no turnover or history reported.
  • · The incorporation is in furtherance of the intimation dated April 23, 2026, and is a step towards implementing the Family Settlement Agreement.
Automobile Products of India Ltd. Merger/Acquisition materiality 5/10

18-05-2026

Max Healthcare Institute Limited Merger/Acquisition positive materiality 9/10

18-05-2026

Max Healthcare Institute Limited has completed the acquisition of a ~58.28% controlling stake in Kalinga Hospital Ltd. (KHL) for an aggregate consideration of ₹297.97 Crore, making KHL a subsidiary. The acquisition was financed through a Senior Secured Term Loan of up to ₹300 Crore availed as External Commercial Borrowings on the same day. This follows the board approval announced on April 8, 2026.

  • · The earlier board approval was intimated on April 8, 2026.
  • · The acquisition was closed on May 18, 2026, with equity shares credited at 5:18 pm IST.
  • · The loan was availed in the form of External Commercial Borrowings (ECB).
BLS E-Services Limited Merger/Acquisition materiality 5/10

18-05-2026

Info Edge (India) Limited Merger/Acquisition neutral materiality 4/10

18-05-2026

Info Edge (India) Limited has agreed to invest ₹30 Crore in its wholly-owned subsidiary, Startup Investments (Holding) Limited (SIHL), through the issuance of 14,01,214 Compulsorily Convertible Debentures at an issue price of ₹214.10 each (including a premium of ₹114.10). SIHL reported nil turnover for the last three fiscal years, a positive PAT of ₹0.86 Crore for FY25, but a negative net worth of ₹(209.50) Crore as of March 31, 2025. The investment is intended to enable SIHL to explore investment opportunities, including contributions to Alternative Investment Funds (AIFs).

  • · SIHL was incorporated on March 4, 2015
  • · SIHL's turnover was Nil for the last three fiscal years (FY23, FY24, FY25)
  • · The CCDs carry a premium of ₹114.10 over face value
  • · The investment was approved by the Committee of Executive Directors; the meeting lasted from 11:00 AM to 11:15 AM on May 18, 2026
  • · Post investment, SIHL remains a wholly-owned subsidiary of Info Edge
Shoora Designs Limited Merger/Acquisition neutral materiality 5/10

18-05-2026

Fivex Capital VCC-Fivex Emerging Star Fund, a Singapore-based Variable Capital Company, acquired 42,000 equity shares (0.91% stake) in Shoora Designs Limited on May 12, 2026, increasing its holding from 4.51% to 5.42% of the total voting capital. The acquisition was disclosed under SEBI (SAST) Regulations on May 17, 2026, and filed with BSE on May 18, 2026. No financial consideration or mode of acquisition was disclosed in the filing.

  • · The acquisition also covers Havex Technologies Limited, but detailed shareholding data for that target was not included in this filing.
  • · The acquirer, Fivex Capital VCC-Fivex Emerging Star Fund, is registered in Singapore (UEN T2 T25VC0047K) with registered office at 8 Temasek Boulevard, #34-03 Suntec Tower Three, Singapore 038988.
  • · The mode of acquisition (e.g., open market, preferential allotment) was not specified in the filing.
  • · The acquirer is not part of the promoter/promoter group of Shoora Designs Limited.
  • · The disclosure is made under Regulation 29(1) of SEBI (SAST) Regulations, 2011, which requires disclosure upon acquisition of shares or voting rights exceeding thresholds.
TVS Motor Company Limited Company Update positive materiality 7/10

18-05-2026

TVS Motor Company's Investment Committee approved the acquisition of 51,60,903 equity shares (4.90% stake) in Jana Small Finance Bank Ltd for a cash consideration of INR 193,31,19,436.71. The target generated total income of INR 6,374.76 crore and PAT of INR 326.43 crore in FY2025-26, with consistent income growth of ~17% YoY. The acquisition is part of a broader TVS VENU plan to hold up to 9.9% on a fully diluted basis, complementing its existing financial services businesses.

  • · The acquisition is not a related party transaction, but GWC Family Fund Investments Pte. Ltd. (controlled by a member of the promoter group) proposes to subscribe to 68,29,909 share warrants of Jana Small Finance Bank, subject to RBI approval.
  • · The transaction is expected to close within 3 months from May 18, 2026, subject to customary conditions.
  • · Jana Small Finance Bank is the fourth largest Small Finance Bank by AUM and deposit size as of March 31, 2026.
  • · TVS VENU has also signed definitive agreements to acquire 100% stake in PGIM India Asset Management, indicating a broader financial services expansion.
Lumax Auto Technologies Limited Merger/Acquisition neutral materiality 6/10

18-05-2026

The Scheme of Amalgamation between IAC International Automotive India Private Limited (Transferor) and Lumax Auto Technologies Limited (Transferee) has become effective from May 18, 2026, following the filing of the NCLT order with the Registrar of Companies. The appointed date for the merger is October 1, 2025. No financial details or performance metrics were disclosed in this filing.

  • · The scheme was sanctioned by the Hon’ble National Company Law Tribunal, New Delhi Bench.
  • · The certified copy of the NCLT order was filed with the Registrar of Companies through Form No. INC-28 on May 18, 2026.
Paisalo Digital Limited Merger/Acquisition positive materiality 5/10

18-05-2026

Paisalo Digital Limited disclosed that three promoter group entities — Equilibrated Venture Cflow (P) Ltd., Pri Caf Private Limited, and Pro Fitcch (P) Ltd. — each acquired 10,00,000 equity shares (Re. 1 face value) on May 14, 2026 via open market, collectively increasing their stake by 30,00,000 shares (0.3297% of total equity). Post-acquisition, the promoter group's combined holding rose from 25.6326% to 25.9623% of the company's 90,95,21,874 outstanding shares. The filing is a routine disclosure under SEBI takeover regulations.

  • · All three acquiring entities are part of the promoter and promoter group of Paisalo Digital Limited.
  • · The acquisitions were made through open market transactions on May 14, 2026.
  • · No shares were held under encumbrance (pledge/lien/non-disposal undertaking) before or after the acquisition.
  • · The total diluted share capital of the company remains unchanged at 90,95,21,874 equity shares.
  • · The disclosures were filed with BSE and NSE on May 18, 2026, and signed by Manendra Singh.
Shoora Designs Limited Merger/Acquisition neutral materiality 7/10

18-05-2026

Fivex Capital VCC-Fivex Emerging Star Fund, a Singapore-based variable capital company, acquired 42,000 shares (0.91% stake) in Shoora Designs Limited on May 17, 2026, increasing its holding from 4.51% to approximately 5.42%. The disclosure was made under SEBI (SAST) Regulations, 2011.

  • · The acquirer is a Variable Capital Company (VCC) incorporated in Singapore (UEN T2 T25VC0047K).
  • · The acquisition was disclosed under Regulation 29(1) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
  • · The filing was made on May 18, 2026, with the acquisition date being May 17, 2026.
  • · The acquirer does not belong to the promoter/promoter group of Shoora Designs Limited.
  • · The mode of acquisition is not specified in the filing (likely open market purchase).
  • · The acquisition crosses the 5% threshold, triggering disclosure requirements.
GOGIA CAPITAL GROWTH LIMITED Merger/Acquisition positive materiality 7/10

18-05-2026

Gogia Commodity Trading Private Limited acquired 1,50,000 equity shares (2.37% stake) of Gogia Capital Growth Limited via off-market transfer on 14 May 2026, increasing its holding from 7.25% to 9.62%. The acquirer is not part of the promoter group.

  • · Acquisition was executed off-market on 14 May 2026
  • · Acquirer is not part of the promoter/promoter group
  • · Total equity share capital of target company is INR 63,211,060 comprising 6,321,106 shares
  • · Disclosure filed under Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011

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