India Pre-Market Regulatory Roundup — April 27, 2026

26-04-2026

Brigade Enterprises Limited has entered into a Securityholders Agreement and Securities Subscription Agreement with GSS India Opportunities AIF Scheme I (managed by Bain Capital Advisors India) to form a 50:50 JV in its wholly-owned subsidiary Vibrancy Real Estates Private Limited (VREPL) for developing 11.04 acres of prime land in Whitefield, Bangalore into an integrated mixed-use project of around 2 million sq ft comprising Grade A office space and a 5-star hotel. The Investor will subscribe to 35,31,706 equity shares and 11,200 optionally convertible debentures, while the Company subscribes to 25,31,706 equity shares and 10,00,000 optionally convertible redeemable preference shares. VREPL, incorporated on February 21, 2022, reports NIL turnover for FY 2023-24, 2024-25, and 2025-26 as it is in initial stages of operations.

• ·Allotment expected within approximately one week from April 26, 2026, subject to standard conditions.
• ·Transaction is a related party transaction at arm's length based on valuation reports.
• ·VREPL incorporated on February 21, 2022; no governmental/regulatory approvals required.
• ·Cash consideration for securities; pricing based on registered valuer's report.

26-04-2026

Reliance Industries reported FY2025-26 consolidated revenue up 10% YoY and EBITDA up 13.5% YoY (including one-time gain), with consumer businesses (Jio and Retail) contributing over 55% of EBITDA and strong PAT growth including JPL +15%, RRVL +12%, and RIL +24%. Jio Platforms delivered revenue of ₹1,46,085 Cr (+14.6% YoY) and EBITDA of ₹76,255 Cr (+19% YoY, margin 52% up 190 bps), supported by 524 million subscribers (+36.3 million YoY) and 268 million 5G users (+77 million YoY). However, Q4 group EBITDA was flat YoY as consumer growth of 14% offset O2C decline of 4% amid crude supply shocks and volatility, while Retail EBITDA grew only 8% due to hyperlocal e-commerce scale-up and soft fashion/lifestyle demand.

• ·Jio data traffic: 241 Exabytes FY2025-26 (Q4: 66 Exabytes, +31% YoY)
• ·Jio EBITDA margin: 52% (+190 bps YoY)
• ·Group net debt to EBITDA: 0.64x
• ·O2C FY2025-26 EBITDA up 10% YoY despite challenges
• ·Digital subscribers up 7.5% QoQ in Q4
• ·5G user base growing at 40% (period unspecified)

27-04-2026

Sun Pharmaceutical Industries Limited has entered a definitive agreement to acquire all outstanding shares of Organon & Co. for US$14.00 per share in cash, at an enterprise value of US$11.75 billion. The deal positions the combined entity among the top 25 global pharmaceutical companies with pro forma revenue of US$12.4 billion, a top-3 player in Women's Health, 7th largest in biosimilars, and nearly doubles EBITDA and cash flow, though from a post-transaction Net Debt/EBITDA of 2.3x. The transaction, approved by both boards, is expected to close in early 2027 subject to regulatory approvals and Organon stockholder approval.

• ·Organon portfolio includes more than 70 products commercialized across 140 countries.
• ·Combined presence in 150 countries with 18 large markets each generating over US$100 million revenues.
• ·Transaction to be funded by cash resources and bank financing; effected via merger with Sun Pharma subsidiary.
• ·Advisors: J.P. Morgan Securities LLC and Jefferies LLC (Sun Pharma financial); Morgan Stanley & Co. LLC and Goldman Sachs (Organon financial).

27-04-2026

Jagsonpal Pharmaceuticals Limited submitted the voting results of its postal ballot, confirming the passage of a special resolution for the buy-back of up to 16,00,000 fully paid-up equity shares of face value ₹2 each at a price of ₹250 per share, for an aggregate amount not exceeding ₹40 crores, deemed passed on April 24, 2026. The resolution received overwhelming approval with 99.9945% votes in favor (48,918,088 votes) and only 0.0055% against (2,712 votes), out of 73.0573% total votes polled on 66,962,250 outstanding shares. Promoter and promoter group participation was 99.0025% with 100% in favor, public institutions 61.6567% with 100% in favor, and public non-institutions 14.5766% with 99.9062% in favor.

• ·Cut-off date for e-voting: March 20, 2026
• ·Remote e-voting period: March 26, 2026 (9:00 A.M. IST) to April 24, 2026 (5:00 P.M. IST)
• ·Postal Ballot Notice dated March 12, 2026 and dispatched electronically on March 25, 2026
• ·No postal ballots received; voting only through remote e-voting via NSDL
• ·146 members voted in favor, 25 against; no abstentions