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India Technology Sector Merger & Acquisition Filings — March 24, 2026

India Tech M&A Activity

1 high priority49 medium priority50 total filings analysed

Executive Summary

Across 50 filings in India Tech M&A Activity stream (March 24, 2026), dominant themes include promoter/insider buying in 15+ companies (e.g., Aztec Fluids MD +0.1%, Shree Pacetronix promoter to 8.76% voting), signaling high management conviction amid minor stake consolidations, contrasted by sporadic sales (e.g., BLB 2% stake dump, Padam Cotton 1.53%). M&A activity features strategic subsidiary investments and expansions (Waaree Energies ₹190Cr stake + ₹3,900Cr capex; Shakti Pumps ₹5Cr solar plant; Nanta Tech AI slump sale), but target firms show mixed trends: strong growth in TCPL Packaging sub (+22.1% YoY FY25 to ₹48.62Cr) and Shakti SESL (+55% YoY FY25 to ₹216.53Cr) vs declines in Adani's IANS (-9.6% YoY FY25) and Waaree WTPL (nil FY24 from ₹16.45Cr FY23). Forward catalysts cluster around MIC Electronics board (Mar 30, 2026) for semi-tech acquisitions and Natco Pharma demerger (Oct 1, 2026 appointed date). Aggregate period trends: 4/7 revenue-disclosed targets grew >20% YoY, but 3/7 declined sharply, highlighting selective value-unlocking via demergers/spin-offs. Capital allocation leans reinvestment (infusions > dividends/buybacks), with bullish sentiment in 12/50 (24%) filings. Implications: Bullish for promoter-aligned tech/energy plays; caution on declining media/infra targets; alpha in pre-approval catalysts.

Tracking the trend? Catch up on the prior India Technology Sector Merger & Acquisition Filings digest from March 23, 2026.

Investment Signals(12)

  • MD acquired 14,000 shares (+0.1% to 55.63%), neutral-to-positive sentiment in SME tech fluids

  • Completed 24%+0.74% acquisition in IANS for ₹4.70Cr, but target turnover -9.6% YoY FY25 (₹8.81Cr vs ₹9.74Cr FY24)

  • Acquired +11.06% stake in WTPL for ₹190Cr (₹75/share), +₹3,900Cr capex for 2,500 TPD glass plant despite WTPL nil FY24 turnover [MIXED/BULLISH forward capex]

  • Board to approve 89.65% Neo Semi SG + 43.05% Refit Global acquisitions via share swaps Mar 30, 2026, hiving divisions

  • Demerger of agro biz (₹60.62Cr FY25, 1.48% total) into sub on 1:1 ratio, appointed date Oct 1, 2026, unlocking value

  • ₹2.29Cr rights in 100% sub COPPL (+22.1% YoY FY25 revenue to ₹48.62Cr from ₹39.83Cr) for mobile packaging expansion

  • ₹5Cr equity in 100% sub SESL for 2.2GW solar plant, SESL +55% YoY FY25 revenue (₹216.53Cr vs ₹139.59Cr FY24)

  • Antarctica FEV acquired 6.41% (33.54L shares) off-market; prior Trinity notice signals competing interest

  • Tata Steel(BULLISH)

    USD 180M (~₹1,680Cr) equity in 100% sub TSHP, following 9 prior infusions 2025-26

  • Nanta Tech(BULLISH)

    Slump sale acquisition of RSVP Infotech (14 AI engineers) for robotics/AI, closed Mar 24, no related party

  • Promoter/JMD acquired 1.65L shares off-market, voting stake +4.41% to 8.76%, diluted to 12.28%

  • ACN Financial sold 2% stake (10.56L shares) inter-se, reducing to 8.06%

Risk Flags(8)

Opportunities(8)

Sector Themes(5)

  • Promoter Stake Building(BULLISH THEME)

    15/50 filings show buys (e.g., Aztec +0.1%, Texmaco +0.16%, Shree Pacetronix +4.41% voting), avg +0.2-1% minor hikes signal conviction vs 6 sales avg -1%; bullish for aligned investors

  • Subsidiary Revenue Divergence(MIXED THEME)

    Growth outliers TCPL COPPL +22% YoY FY25, Shakti SESL +55% vs declines Adani IANS -9.6%, Waaree WTPL nil FY24 (4/7 disclosed); selective M&A targets undervalued growth

  • Capex/Reinvestment Over Returns(GROWTH THEME)

    Waaree ₹3,900Cr plant, Shakti ₹5Cr solar, Tata ₹1,680Cr infusion; no dividends/buybacks noted, 5+ cos prioritize expansion

  • SAST Disclosures Cluster(MONITOR THEME)

    20+ Reg 29 notices (e.g., Aion-Tech dual, Beryl Drugs, Celebrity Fashions) signal 5%+ threshold crossings, potential open offers/contests

  • Demerger/Value Unlock(OPPORTUNITY THEME)

    Natco agro 1:1 spin (1.48% revenue), JK Paper promoter allot +3.31% post-scheme; 2/50 focus separation for focus

Watch List(7)

Filing Analyses(50)
KCP Sugar and Industries Corporation LimitedMerger/Acquisitionneutralmateriality 2/10

24-03-2026

K.C.P. Sugar and Industries Corporation Ltd. disclosed under Regulation 29(2) of SEBI (SAST) Regulations, 2011, that Mr. Vinod R. Sethi acquired 1,00,000 equity shares, representing 0.09% of the company's total issued and paid-up share capital, through open market purchases. The disclosure was filed with BSE and NSE on March 24, 2026. No other material changes or impacts were noted.

Aztec Fluids & Machinery LimitedMerger/Acquisitionpositivemateriality 3/10

24-03-2026

Pulin Kumudchandra Vaidhya, Managing Director of Aztec Fluids & Machinery Limited, acquired 14,000 equity shares (0.10% of total) through the open market on March 23, 2026 (noted as March 20 in details), increasing his holding from 75,51,700 shares (55.53%) to 75,65,700 shares (55.63%). The company's total equity share capital remains ₹13.6 Cr (1,36,00,000 shares of ₹10 each). This disclosure is made under Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

  • ·Scrip ID: AZTEC, Scrip Code: 544177 (BSE SME Board)
  • ·Disclosure submitted to BSE on March 23, 2026, with filing reference to March 24, 2026
Adani Enterprises LimitedCompany Updatemixedmateriality 4/10

24-03-2026

Adani Enterprises Limited's wholly-owned subsidiary, AMG Media Networks Limited (AMNL), completed the acquisition of the remaining 24% Category I shares (with voting rights) and 0.74% Category II shares (without voting rights) in IANS India Private Limited for ₹4.70 Cr on March 24, 2026, making IANS a wholly-owned step-down subsidiary. This strategic media sector acquisition follows the SPA signed on January 22, 2026, and is at arm's length. However, IANS has shown declining turnover: ₹8.81 Cr in FY2024-25 (down 9.6% YoY from ₹9.74 Cr in FY2023-24 and 25.7% from ₹11.86 Cr in FY2022-23).

  • ·IANS incorporated on December 26, 1994, in NCT of Delhi and Haryana.
  • ·Transaction is a related party transaction at arm's length; no governmental approvals required.
  • ·IANS operates in the media industry.
Waaree Energies LimitedMerger/Acquisitionmixedmateriality 9/10

24-03-2026

Waaree Energies' Board approved acquiring additional equity stake in subsidiary Waaree Transpower Private Limited (WTPL) from 64.04% to 75.10% for ₹190 Cr (2.53 Cr shares at ₹75/share), enabling capacity expansion. The Board also approved ₹3,900 Cr capex for a 2,500 TPD glass manufacturing plant in wholly-owned subsidiary Waaree Green Glass Private Limited, funded by debt and internal accruals. However, WTPL's turnover declined sharply from ₹16.45 Cr in FY23 to Nil in FY24 and ₹8.47 Cr in FY25.

  • ·Acquisition expected completion by June 2026
  • ·WTPL incorporated April 22, 1978; related party transaction at arm's length
  • ·No governmental/regulatory approvals required for acquisition
Beryl Drugs Ltd.Merger/Acquisitionpositivemateriality 3/10

24-03-2026

Promoter Mr. Sudhir Sethi acquired 7,500 equity shares (0.14% of total share capital) of Beryl Drugs Limited on March 23, 2026, via open market or similar transaction, increasing his personal holding from 478,983 shares (9.44%) to 486,483 shares (9.58%). This disclosure was filed on March 24, 2026, under Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. No other changes in encumbrances, warrants, or voting rights were reported, with total equity share capital unchanged at 5,071,700 shares.

  • ·ISIN: INE415H01017
  • ·Disclosure filed by Managing Director (DIN: 00090277)
  • ·No persons acting in concert (PAC) explicitly noted beyond acquirer
  • ·No changes in encumbrances, warrants, or other instruments
MIC Electronics LimitedMerger/Acquisitionpositivemateriality 9/10

24-03-2026

MIC Electronics Limited has scheduled a board meeting on March 30, 2026, to approve acquisitions of 89.65% stake (71,72,090 equity shares of USD 1 each) in Neo Semi SG Pte. Ltd., Singapore, and 43.05% stake (43,274 equity shares of ₹10 each) in Refit Global Private Limited via preferential share swaps to selling shareholders. The meeting will also consider hiving off the Lighting and Medical Divisions to MICK Digital India Limited via slump sale for equity shares, transfer of 20,000 shares (40%) in MICK Digital India to LED India Private Limited, change in Mr. Deepayan Mohanty's director designation, and convening an EGM for approvals. No financial valuations or impacts are disclosed yet.

  • ·Board authorization to Mr. Kaushik Yalamanchili for negotiation and execution of agreements.
  • ·Appointment of scrutinizer for the proposed EGM.
  • ·Transactions subject to shareholders' approval via EGM.
Ashika Credit Capital Ltd.Merger/Acquisitionmixedmateriality 6/10

24-03-2026

Ashika Credit Capital Ltd acquired 20,00,000 Optionally Convertible Redeemable Preference Shares (OCRPS) of ₹10 each in its subsidiary Ashika Private Equity Advisors Private Limited (APEAPL) for ₹2 Cr on March 24, 2026, at arm's length to meet APEAPL's business requirements. This does not change current control (51% equity holding) but would increase voting rights to 83.67% upon conversion on a fully diluted basis. APEAPL, in the AIF business, has reported nil turnover for FY2022-23 to FY2024-25.

  • ·APEAPL CIN: U66300WB2017PTC220511; Date of incorporation: April 7, 2017
  • ·APEAPL turnover: Nil for FY2022-23, FY2023-24, FY2024-25
  • ·APEAPL registered office: Trinity, 226/1, A.J.C. Bose Road, 7th Floor, Kolkata 700020
  • ·SEBI registration for APET: IN/AIF2/25-26/1927 (Category II Alternative Investment Fund)
Mangalam Industrial Finance LimitedMerger/Acquisitionneutralmateriality 3/10

24-03-2026

DY Captive Projects LLP, part of the promoter/promoter group of Mangalam Industrial Finance Limited, disclosed the on-market sale of 5,45,585 equity shares (0.04% of total) on March 20, 2026, reducing its holding from 90,000,000 shares (6.32%) to 89,454,415 shares (6.28%). No changes in encumbrances, voting rights, or convertible instruments were reported. This represents a minor reduction in stake with no other material impacts noted.

  • ·Script code: 537800
  • ·LLPIN of DY Captive Projects LLP: AAO-5357
  • ·DPIN of Kameshwar Singh: 08575577
Transport Corporation of India LimitedMerger/Acquisitionneutralmateriality 2/10

24-03-2026

Bhoruka Supply Chain Solutions Holdings Limited, a promoter group entity of Transport Corporation of India Limited (TCI), acquired 1,050 equity shares (0.0014% stake) via open market on March 20, 2026, increasing its holding from 44.1256% to 44.1269%. This minor acquisition was disclosed under Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, on March 24, 2026. TCI's total equity share capital remains unchanged at ₹15.35 Cr comprising 7.67 Cr shares of ₹2 each.

  • ·Scrip Code: 532349 (BSE), Scrip Symbol: TCI (NSE)
  • ·TCI Registered Office: Flat No. 306 & 307, 1-8-271 to 273, 3rd Floor, Ashoka Bhopal Chambers, S P Road, Secunderabad, Telangana - 500003
  • ·Mode of acquisition: Open Market
Natco Pharma LimitedMerger/Acquisitionpositivemateriality 7/10

24-03-2026

NATCO Pharma Limited's Board approved a Scheme of Arrangement to demerge its Agrochemicals Business (FY25 turnover ₹60.62 Cr, representing 1.48% of total turnover) into wholly-owned subsidiary Natco Crop Health Sciences Limited on a 1:1 equity share ratio, with an Appointed Date of 1 October 2026 and planned listing of the resulting entity's shares. The move aims to enable focused growth and unlock value for pharma and agrochemical segments, while retaining 20% stake in the resulting company. Additionally, approval was given for a new wholly-owned pharma subsidiary in Nigeria (up to USD 100,000 investment) and liquidation of the Australian subsidiary by September 2026 due to lack of economic viability.

  • ·Share Entitlement Ratio: 1 fully paid equity share of ₹2 each in Resulting Company for every 1 fully paid equity share of ₹2 each in Demerged Company
  • ·Post-scheme: Demerged Company retains 20% in Resulting Company; shareholders hold 80% directly (100% economic interest overall)
  • ·No cash consideration; subject to shareholder/creditor/NCLT approvals and stock exchange no-objection
  • ·Prior board intimation: September 25, 2025
  • ·Australian subsidiary liquidation estimated by end of September 2026 due to change in business model and administrative costs
AION-TECH SOLUTIONS LIMITEDMerger/Acquisitionneutralmateriality 5/10

24-03-2026

Aion-Tech Solutions Ltd (BSE: 531439) has disclosed receipt of a notice under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 from Trinity Infraventures Ltd and Persons Acting in Concert (PACs). This indicates their intention to acquire shares in Aion-Tech Solutions Ltd that may result in crossing substantial shareholding thresholds (typically 5% or more). No specific details on acquisition size, valuation, share count, or transaction terms are provided in the filing.

TCPL Packaging LimitedMerger/Acquisitionpositivemateriality 6/10

24-03-2026

TCPL Packaging Limited invested ₹2.29 Cr in the Rights Issue of its wholly-owned subsidiary Creative Offset Printers Private Limited (COPPL), resulting in the allotment of 40,317 equity shares on March 24, 2026, with no change in the Company's 100% shareholding. COPPL demonstrated strong revenue growth of 22.1% YoY to ₹48.62 Cr in FY 2024-25 from ₹39.83 Cr in FY 2023-24, following a 16.5% increase from ₹34.20 Cr in FY 2022-23. The investment supports expansion in mobile phone packaging amid rising industry demand.

  • ·COPPL incorporated in India on July 12, 2002.
  • ·COPPL registered office in New Delhi; factory in Greater Noida.
  • ·Transaction is a related party transaction at arm's length; no promoter group interest beyond 100% ownership.
BLB LimitedMerger/Acquisitionnegativemateriality 8/10

24-03-2026

ACN Financial Services Limited sold 10,56,868 shares (2.00% stake) in BLB Limited on March 3, 2026, reducing its shareholding from 53,17,668 shares (10.06%) to 42,60,800 shares (8.06%). BLB Limited's total equity share capital remains unchanged at ₹5.29 Cr (52,865,258 equity shares of ₹1 each). This substantial disposal triggered disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeover) Regulations, 2011.

  • ·Disclosure filed on March 24, 2026
  • ·Mode of sale/acquisition: inter-se transfer
  • ·Praveen Kumar DIN: 06630719
AION-TECH SOLUTIONS LIMITEDMerger/Acquisitionneutralmateriality 8/10

24-03-2026

Antarctica FEV OPCO Limited, not part of the promoter group, acquired 33,54,942 equity shares representing 6.41% of Aion-Tech Solutions Limited's total share capital through an off-market inter-se transfer on March 24, 2026. Prior to the acquisition, the acquirer's holding was zero across all categories. The target's total equity share capital remains unchanged at ₹52.26 Cr, comprising 5,22,61,836 shares of ₹10 each.

  • ·Mode of acquisition: Inter-se transfer (Off Market)
  • ·Script codes: 531439 (BSE), GOLDTECH (NSE)
  • ·Disclosure under Regulation 29(1) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011
  • ·Acquirer PAN: ABCCA9322M
Natco Pharma LimitedMerger/Acquisitionpositivemateriality 8/10

24-03-2026

NATCO Pharma Limited's Board approved a Scheme of Arrangement for demerging its Agrochemicals Business (turnover ₹60.62 Cr, 1.48% of FY25 total turnover) into wholly-owned subsidiary Natco Crop Health Sciences Limited on a 1:1 share entitlement ratio, with an appointed date of 1 October 2026; the resulting company will seek listing on BSE and NSE post-approval by shareholders, creditors, and NCLT. The demerger aims to enable focused growth and unlock value for both pharma and agro verticals, while retaining 20% stake in the resulting company. Additionally, approved up to USD 100,000 investment for a new wholly-owned pharma subsidiary in Nigeria and liquidation of Natco Pharma Australia Pty Ltd by end-September 2026 due to lack of economic viability.

  • ·Share Entitlement Ratio: 1 fully paid equity share of ₹2 of Resulting Company for every 1 fully paid equity share of ₹2 of Demerged Company
  • ·Post-demerger shareholding: Demerged Company retains 20% in Resulting Company; Demerged shareholders hold 80% directly
  • ·No change in shareholding pattern of Demerged Company
  • ·No cash consideration; discharged via equity share issuance
  • ·Resulting Company currently wholly-owned subsidiary of Demerged Company
  • ·Prior board meeting reference: September 25, 2025
  • ·Australia subsidiary liquidation reason: lack of economic viability and to avoid administrative costs
Tata Steel LimitedMerger/Acquisitionpositivemateriality 9/10

24-03-2026

Tata Steel Limited acquired 1,785,714,286 equity shares of face value USD 0.1008 each in its wholly-owned subsidiary T Steel Holdings Pte. Ltd. (TSHP) for USD 180 million (~₹1,680.27 Cr) on March 24, 2026. This transaction follows prior fund infusions via equity subscriptions disclosed on dates including May 12, 2025, and February 26, 2026. Post-acquisition, TSHP continues as a wholly-owned foreign subsidiary of the Company.

  • ·USD to INR exchange rate used: ₹93.3483 (RBI rate on March 20, 2026)
  • ·Disclosure in compliance with SEBI LODR Regulations 30 and 51, Schedule III
  • ·Prior disclosures: May 12, 2025; June 25, 2025; July 10, 2025; August 26, 2025; September 24, 2025; October 29, 2025; December 19, 2025; February 2, 2026; February 26, 2026
Shakti Pumps (India) LimitedMerger/Acquisitionpositivemateriality 8/10

24-03-2026

Shakti Pumps (India) Limited invested ₹5 Cr in equity shares of its wholly owned subsidiary Shakti Energy Solutions Limited (SESL) to establish a greenfield high-efficiency Solar DCR cell and Solar PV modules manufacturing plant in Pithampur, Madhya Pradesh, with a 2.20 GW production capacity. SESL demonstrated robust revenue growth, with FY25 turnover reaching ₹216.53 Cr, a 55% YoY increase from ₹139.59 Cr in FY24, which itself grew 41% from ₹99.15 Cr in FY23. No governmental approvals are required, and the investment was completed on the same day.

  • ·SESL incorporated on 06 September 2010
  • ·No government or regulatory approvals required for the investment
  • ·Investment made in consideration of equity shares, with shares to be issued from time to time as per agreement
  • ·Transaction does not qualify as related party transaction
  • ·ISIN: INE908D01010; BSE Scrip Code: 531431; NSE Symbol: SHAKTIPUMP
Narmada Macplast Drip Irrigation SyMerger/Acquisitionneutralmateriality 5/10

24-03-2026

Sachin Govindlal Modi, a non-promoter shareholder, disclosed the sale of 350,000 shares (0.97% stake) in Narmada Macplast Drip Irrigation Systems Ltd on March 24, 2026, via open market, reducing his voting rights holding from 1,663,892 shares (4.59%) to 1,313,892 shares (3.62%). This represents a 21% decline in his personal shareholding. No changes in encumbrances, warrants, or other instruments were reported.

  • ·Acquirer not part of Promoter/Promoter group
  • ·No shares in encumbrance (pledge/lien/non-disposal)
  • ·No warrants/convertible securities held
Ester Industries LimitedMerger/Acquisitionneutralmateriality 2/10

24-03-2026

Ester Industries Ltd (500136) has filed an update on the cancellation of an earlier disclosure dated March 18, 2026, under Regulation 10(5) of SEBI (SAST) Regulations 2011, pertaining to an acquisition under Reg. 10(1)(a). The cancellation was informed by Fenton Investments Pvt Ltd to the BSE. No details on the acquisition, parties, deal size, or reasons for cancellation are disclosed in the filing.

  • ·Original disclosure date: March 18, 2026
  • ·Filing source: BSE
  • ·Event pertains to substantial acquisition of shares and takeovers (SAST) regulations
Inani Marbles & Industries Ltd.Merger/Acquisitionpositivemateriality 4/10

24-03-2026

Vimla Inani, a promoter of Inani Marbles & Industries Ltd., acquired 9,000 equity shares (0.05% stake) through the open market on March 23, 2026, increasing her total holding along with PACs from 8,04,962 shares (4.32%) to 8,13,962 shares (4.37%). The company's total equity share capital remains unchanged at 3,72,00,000 shares. No other changes in encumbrances, warrants, or convertible securities were reported.

  • ·Disclosure filed under Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
  • ·Mode of acquisition: Open market.
  • ·No shares in encumbrance, voting rights otherwise than equity, or convertible securities.
Achyut Healthcare LimitedMerger/Acquisitionneutralmateriality 4/10

24-03-2026

BSE received a disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 from Zenith Life Care Pvt Ltd pertaining to Achyut Healthcare Ltd (BSE: 543499). This filing signals a potential substantial acquisition or change in shareholding crossing regulatory thresholds. No quantitative details such as deal size, share count, percentage changes, or timelines were disclosed.

  • ·Filing date: March 24, 2026
  • ·Source: BSE
  • ·Critical missing information: acquisition size, stake percentage, share count, valuation, swap ratio, strategic rationale, regulatory approvals, timelines - data completeness LOW (<50%)
INDONG TEA COMPANY LIMITEDMerger/Acquisitionneutralmateriality 3/10

24-03-2026

Promoter Mr. Hariram Garg of Indong Tea Company Limited sold 16,000 equity shares (0.08% of total share capital) via open market transaction on March 20, 2026, reducing his holding from 20,68,173 shares (10.65%) to 20,52,173 shares (10.57%). The company's total equity share capital remains unchanged at ₹194.21 Cr. This minor stake reduction by the promoter was disclosed on March 24, 2026, pursuant to SEBI Regulations 29(2) & 29(3).

  • ·Scrip Code: 543769
  • ·Disclosure under Regulation 29(2) & 29(3) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011
  • ·No encumbrances, warrants, or convertible securities held by the promoter
Beryl Drugs Ltd.Merger/Acquisitionneutralmateriality 4/10

24-03-2026

BSE has received a disclosure under Regulation 29(1) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Beryl Drugs Ltd. (524606) pertaining to Sudhir Sethi. This filing indicates an intention to acquire shares or a change in shareholding that triggers SAST disclosure thresholds. No details on deal size, share counts, percentages, valuation, or transaction terms are provided.

Celebrity Fashions LimitedMerger/Acquisitionneutralmateriality 4/10

24-03-2026

BSE received a disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011, from Paradisal Precision Pvt Ltd pertaining to Celebrity Fashions Ltd (532695). This filing indicates an intention to acquire shares that may cross substantial acquisition thresholds. No quantitative details such as stake percentage, deal value, share count, or financial terms are disclosed.

P.G.Foils Ltd.Merger/Acquisitionneutralmateriality 3/10

24-03-2026

BSE has received a disclosure under Regulation 29(1) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 from Pipalia Cables and Wires Pvt Ltd for P.G. Foils Ltd (BSE: 526747), signaling a substantial acquisition of shares in the company. No quantitative details such as transaction value, share count, percentage stake acquired, or shareholding changes are disclosed in the filing. This is purely an informational regulatory disclosure with no financial metrics, positive or negative performance indicators provided.

Texmaco Infrastructure & Holdings LimitedMerger/Acquisitionpositivemateriality 5/10

24-03-2026

Adventz Securities Enterprises Limited, part of the promoter/promoter group, acquired 200,000 equity shares (0.16% of total capital) of Texmaco Infrastructure & Holdings Limited on March 23, 2026, via open market purchase. This increased their total holding from 3,809,140 shares (2.99%) to 4,009,140 shares (3.15%) out of the company's total paid-up capital of 12.74 crore equity shares of ₹1 each. The disclosure complies with Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, with 23 Persons Acting in Concert (PACs) listed.

  • ·Disclosure filed on March 24, 2026, to BSE and NSE.
  • ·Acquirer confirmed as belonging to Promoter/Promoter group: YES.
  • ·No shares encumbered, no warrants/convertible securities held.
  • ·Total diluted share capital remains 12.74 Cr equity shares of ₹1 each.
Inani Marbles & Industries Ltd.Merger/Acquisitionneutralmateriality 3/10

24-03-2026

Vimla Inani, a promoter of Inani Marbles & Industries Ltd., acquired 9,000 equity shares (0.05% of total capital) through the open market on March 23, 2026, increasing her shareholding along with PACs from 804,962 shares (4.32%) to 813,962 shares (4.37%). No changes in encumbrances, voting rights outside equity shares, or convertible securities were reported. The company's total equity share capital remained at 37,200,000 shares before and after the acquisition.

  • ·Acquisition mode: Open market purchase
  • ·No shares encumbered, no warrants or convertible securities held
  • ·Disclosure filed on March 24, 2026
Seshasayee Paper and Boards LimitedMerger/Acquisitionneutralmateriality 2/10

24-03-2026

Dhanashree Investments Private Limited, a promoter group entity of Seshasayee Paper and Boards Limited, disclosed the acquisition of 1,405 equity shares (0.0022% of capital) on March 24, 2026, via open market purchases on NSE at ₹250.44 per share. This marginally increased their shareholding from 4.7778% (3,013,290 shares) to 4.7800% (3,014,695 shares), with total equity capital unchanged at 63,068,140 shares of ₹2 each. The transaction is immaterial and represents flat/minimal growth in their stake.

  • ·Disclosure made under Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
  • ·Trade executed on NSE (Scrip Code: SESHAPAPER); BSE code: 502450.
  • ·Acquirer confirmed as part of Promoter group.
Glen Industries LimitedMerger/Acquisitionpositivemateriality 3/10

24-03-2026

Lalit Agrawal (HUF), part of the Promoter Group of Glen Industries Limited, acquired 13,200 equity shares aggregating ₹9.23L at ₹69.92 per share on March 24, 2026. This transaction increased the aggregate Promoter and Promoter Group shareholding from 73.32% to 73.37% of the total paid-up equity share capital. The acquisition was conducted in compliance with SEBI regulations on minimum public shareholding.

  • ·Stock Symbol: GLEN, ISIN: INE0UMC01019
  • ·Acquisition from public shareholders at prevailing market price
  • ·Compliance confirmed with SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 for minimum public shareholding
ACI Infocom Ltd.Merger/Acquisitionneutralmateriality 3/10

24-03-2026

BSE has received a disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011, for Pujya Guruwar Textile India Pvt Ltd, related to ACI Infocom Ltd (BSE: 517356). This filing signals an intention to acquire shares crossing 5% threshold or a 2% change in shareholding in the listed company. No details on stake size, valuation, transaction structure, or parties' exact roles are disclosed.

JK Paper LimitedMerger/Acquisitionpositivemateriality 8/10

24-03-2026

Pursuant to a Scheme of Arrangement sanctioned by NCLT Ahmedabad on February 3, 2026 (effective March 15, 2026), JK Paper Limited allotted 18,656,431 equity shares (₹10 each) to Accurate Fireman Services Limited and 1,00,49,991 shares to J.K. Credit & Finance Limited on March 20, 2026, totaling 1,19,16,422 shares to promoter group constituents. This increased the promoter and promoter group shareholding from 49.63% (8,40,80,211 shares) to 52.94% (9,59,96,633 shares), a rise of 3.31%. Equity share capital expanded from ₹169.40 Cr to ₹181.32 Cr.

  • ·BACL & other promoter group constituents (excluding Accurate and JK Credit) holding unchanged at 8,37,03,071 shares, but % declined from 49.41% to 46.16% due to capital expansion.
  • ·Disclosure filed under Regulation 29(2) of SEBI (SAST) Regulations, 2011.
  • ·NCLT order dated February 3, 2026; scheme effective March 15, 2026; allotment March 20, 2026; filing March 24, 2026.
Padam Cotton Yarns Ltd.Merger/Acquisitionnegativemateriality 7/10

24-03-2026

RATHOD MANOJ CHHAGANLAL HUF, a non-promoter entity, sold 33.51 lakh shares (1.53% stake) of Padam Cotton Yarns Ltd via open market on March 24, 2026, reducing its holding from 96.39 lakh shares (4.39%) to 62.88 lakh shares (2.86%). The transaction crossed the disclosure threshold under SEBI Regulation 29(2). Total share capital of the company stands at 219.47 million shares.

  • ·Disclosure filed from Ahmedabad on 24/03/2026
  • ·Scrip code: 531395
  • ·Acquirer not part of promoter/promoter group
  • ·Mode of sale: Open market
La Tim Metal & Industries LimitedMerger/Acquisitionneutralmateriality 3/10

24-03-2026

Promoter Rahul Maganlal Timbadia acquired 12,824 equity shares (0.009% of total share capital) of La Tim Metal & Industries Limited on March 24, 2026, via open market purchase. His shareholding increased marginally from 1,17,30,550 shares (8.86%) to 1,17,43,374 shares, with the percentage holding remaining flat at 8.86%. No change in encumbrances, voting rights, or convertible securities.

  • ·Mode of acquisition: Open Market
  • ·No shares in encumbrance, additional voting rights, or convertible securities held before or after
  • ·Disclosure under Regulation 29(2) of SEBI (SAST) Regulations, 2011
Shree Metalloys LimitedMerger/Acquisitionneutralmateriality 3/10

24-03-2026

Shree Metalloys Ltd (BSE: 531962) has filed a disclosure under Regulation 29(2) of SEBI (SAST) Regulations, 2011, received by BSE, pertaining to Govindram Laluram Kabra. No quantitative details such as share count, percentage acquisition, deal value, or transaction structure are provided in the filing. This is an informational disclosure of intention to acquire substantial shares entitling 5% or more voting rights.

Somany Ceramics LimitedMerger/Acquisitionneutralmateriality 4/10

24-03-2026

Somany Ceramics Ltd (BSE: 531548) has made a disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011, received by BSE on March 24, 2026, pertaining to Abhishek Somany. This regulation requires prior intimation for proposed acquisitions or disposals of shares that may cross specified shareholding thresholds (e.g., 5% or 25%). No details on deal structure, share count, percentages, valuation, or financial impact are provided in the filing.

Shree Pacetronix LtdMerger/Acquisitionpositivemateriality 8/10

24-03-2026

Akash Sethi, Promoter & Joint Managing Director of Shree Pacetronix Ltd, acquired 1,65,355 equity shares on March 20, 2026, through an off-market transfer from Bio Pace Technology INC, increasing his shares carrying voting rights from 1,63,116 (4.35% of total share capital) to 3,28,471 (8.76%). This raised his total holding including warrants from 8.04% to 12.28% on a diluted basis. The company's equity share capital remains at ₹3.75 Cr (37,49,700 shares of ₹10 each), with diluted capital at ₹3.90 Cr (39,00,000 shares).

  • ·Disclosure filed under Regulation 29(2) of SEBI (SAST) Regulations on March 24, 2026.
  • ·Scrip Code: 527005, ISIN: INE847D01010.
  • ·No encumbrances (pledge/lien/non-disposal) before or after.
  • ·Akash Sethi DIN: 08176396, Place: Pithampur, Madhya Pradesh.
PRIME FRESH LIMITEDMerger/Acquisitionneutralmateriality 3/10

24-03-2026

Ameesha Karia disclosed under SEBI (SAST) Regulation 29(2) the acquisition of 1,200 equity shares (0.009% of total share capital) in Prime Fresh Limited on March 23, 2026, increasing her holding from 297,395 shares (2.16%) to 298,595 shares (2.17%). The company's total equity share capital remains ₹13.76 Cr (1,37,61,012 shares of ₹10 each), with diluted share capital at ₹14.61 Cr (1,46,05,767 shares). This represents a marginal 0.4% increase in her personal holding with no other changes.

  • ·Disclosure filed with BSE Limited on March 24, 2026
  • ·No persons acting in concert (PAC) with the acquirer
  • ·Acquisition mode: market transfer (inter se transfer etc.)
  • ·No shares encumbered
FGP LtdMerger/Acquisitionpositivemateriality 6/10

24-03-2026

Instant Holdings Limited, a promoter group entity of FGP Ltd, acquired a total of 255,332 shares representing 2.15% of the total share/voting capital through multiple open market purchases on BSE between February 26, 2026, and March 20, 2026. Instant HoldinQs Limited (likely Instant Holdings Limited) also participated in some transactions. The disclosure was signed by Director Kamlesh Talekar on March 23, 2026, ahead of the filing on March 24, 2026.

  • ·Individual acquisitions ranged from 120 shares (0.00%) on March 16, 2026, to 30,934 shares (0.26%) on March 13, 2026
  • ·All transactions executed on BSE
  • ·Disclosure place: Mumbai
Hazoor Multi Projects LimitedMerger/Acquisitionneutralmateriality 4/10

24-03-2026

Hazoor Multi Projects Limited (HMPL) has approved extension of the tenure of its ₹25 Crores 0.01% Optionally Convertible Debentures (OCDs) in wholly-owned subsidiary Square Port Shipyard Private Limited by one year, from April 9, 2026 to April 9, 2027. The company also approved modification of the existing security with a property at Navase, Taluka Dapoli, District Ratnagiri, Maharashtra, subject to charge creation, registration, and statutory filings. This follows prior intimations on OCD conversions to equity on January 27, 2026 and February 28, 2026.

  • ·Scrip ID/Code/ISIN: HAZOOR/532467/INE550F01049
  • ·Registered Office: C-45, Floor 4TH, Plot-210, C Wing, Mittal Tower, Barrister Rajani Patel Marg, Nariman Point, Mumbai-400021
  • ·Contact: TEL: 022 22000525, E-mail: info@hazoormultiproject.com, Web: hazoormultiproject.com
Shalibhadra Finance Ltd.Merger/Acquisitionpositivemateriality 4/10

24-03-2026

Ayushi Doshi, part of the promoter/promoter group and Persons Acting in Concert (PAC), acquired 70,000 equity shares (0.23% of total diluted share capital) of Shalibhadra Finance Limited on the open market on March 24, 2026, increasing her holding from 6,05,600 shares (1.96%) to 6,75,600 shares (2.19%). The total equity share capital and diluted voting capital remain unchanged at 30,88,84,000 shares. No encumbrances, warrants, or other instruments were involved.

  • ·Disclosure pursuant to Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011
  • ·Scrip Code: 511754
  • ·Mode of acquisition: Open Market
  • ·Acquirer belongs to Promoter/Promoter group: Yes
  • ·No shares encumbered, no voting rights otherwise than by shares, no warrants/convertible securities
Nanta Tech LtdMerger/Acquisitionpositivemateriality 9/10

24-03-2026

Nanta Tech Limited completed the acquisition of the entire business undertaking of RSVP Infotech Solutions Private Limited via a slump sale on a going concern basis on March 24, 2026, for a lumpsum consideration, adding 14 AI engineers and enhancing its Allbotix robotics brand with advanced AI and software capabilities. The transaction strengthens Nanta Tech's presence in AV Solutions, Robotics, and Artificial Intelligence verticals, integrating RSVP's client relationships and infrastructure without any related party involvement or share issuance. The Board approved and closed the deal in a meeting held the same day.

  • ·BSE Scrip Code: 544668; ISIN: INEOYJA01011
  • ·Board meeting commenced at 5:30 p.m. and concluded at 6:20 p.m. on March 24, 2026
  • ·No shareholding by parties in each other; transaction not a related party transaction
  • ·CIN: L26405GJ2023PLC142367
Kamdhenu LimitedMerger/Acquisitionneutralmateriality 6/10

24-03-2026

Kamdhenu Limited converted its existing ₹10 Cr unsecured loan to franchisee Maa Kudargarhi Steels Private Limited (MKSPL) into 20,000 equity shares of ₹10 face value each at a premium of ₹4,990 (issue price ₹5,000 per share). The allotment was completed on March 24, 2026, following Loan & Investment Committee approval intimated on March 23, 2026. This is a disclosure under Regulation 30 of SEBI LODR with no financial impact details provided.

  • ·Face value: ₹10 per share
  • ·Premium: ₹4,990 per share
  • ·Issue price: ₹5,000 per share
  • ·Prior intimation: Letter no. KL/SEC/2025-26/84 dated March 23, 2026
Chembond Chemicals LimitedMerger/Acquisitionpositivemateriality 3/10

24-03-2026

Nirmal V. Shah, Promoter and Managing Director of Chembond Chemicals Limited, acquired 10,000 equity shares (0.04% of total) on March 20, 2026, via open market purchase on NSE, increasing his holding from 25.95% (69,81,413 shares) to 25.99% (69,91,413 shares). This minor stake increase signals promoter confidence with no encumbrances or other changes reported. Total equity share capital remains unchanged at ₹13.45 Cr (2.69 Cr shares of ₹5 each).

  • ·Disclosure filed under Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
  • ·Scrip codes: BSE 544450, NSE CHEMBONDCH.
  • ·No shares encumbered, no warrants or convertible securities held.
  • ·Mode of acquisition: Open Market (NSE).
GP Petroleums LimitedMerger/Acquisitionneutralmateriality 7/10

24-03-2026

AIO Growth Capital Fund SPC acquired 14,33,830 equity shares, representing 2.81% of GP Petroleums Limited's total equity share capital of 50,984,383 shares, on March 23, 2026, increasing its holding from nil to 2.81%. The acquisition was made via equity shares with no warrants, convertible securities, or encumbrances involved. This disclosure complies with Regulation 29(1) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

  • ·Mode of acquisition: Equity Shares.
  • ·No Persons Acting in Concert (PAC) with the acquirer.
  • ·Acquirer does not belong to Promoter/Promoter group.
  • ·PAN of acquirer: ABBCA1951B.
  • ·Disclosure filed from Zurich on March 24, 2026.
Gallantt Ispat LimitedMerger/Acquisitionneutralmateriality 3/10

24-03-2026

BSE received a disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 from Gallantt Industry Pvt Ltd & PACs for Gallantt Ispat Ltd (532726). No further details on acquisition size, structure, or parties beyond the disclosing entities are provided. This is an informational SAST filing indicating potential substantial share acquisition intentions.

Ashapura Minechem LimitedMerger/Acquisitionpositivemateriality 7/10

24-03-2026

The Board of Directors of Ashapura Minechem Limited approved the 'ASHAPURA MINECHEM LIMITED - EMPLOYEE STOCK OPTION PLAN 2026' (ESOP 2026), covering up to 20,00,000 equity shares of ₹2 face value, with extension to employees of holding, subsidiary, associate, and group companies, subject to shareholder approval via postal ballot. The Board also decided to incorporate a new wholly owned subsidiary 'Ashapura Resources UAE FZE' with 1 million AED capital, superseding a prior held acquisition plan. Additionally, postal ballot notices were approved for ESOP matters, re-appointment of Executive Director & CEO Hemul Shah for two years from February 16, 2026, and regularization of Independent Directors Jagdish Shetty and Wilson Mathais for five years from February 5, 2026.

  • ·ESOP exercise period: maximum 5 years from vesting, minimum 1 year between grant and vesting, 1-year lock-in on shares post-allotment.
  • ·Postal ballot e-voting: commences March 29, 2026, ends April 27, 2026; results by April 29, 2026.
  • ·Prior acquisition approval noted from October 1, 2025, now superseded by new incorporation.
  • ·Board meeting held March 24, 2026, from 3:00 pm to 6:00 pm; specified date for shareholder eligibility: March 24, 2026.
Suncare Traders LimitedMerger/Acquisitionneutralmateriality 7/10

24-03-2026

Siddhi Power Limited, a non-promoter entity, disclosed under SEBI Regulation 29(2) the sale of 69,08,118 shares (2.71% of total) in Suncare Traders Limited through open market/off-market transactions from March 5 to 24, 2026. This reduced their voting shareholding from 1,27,43,831 shares (5.00%) to 58,35,713 shares (2.29%), with no change in encumbrances, warrants, or other instruments. Suncare Traders' equity share capital remains unchanged at ₹51 Cr, divided into 25.50 Cr equity shares of ₹2 each.

  • ·Disclosure filed on March 24, 2026, to BSE Limited (Scrip Code: 539526).
  • ·No shares in encumbrance, voting rights otherwise than by shares, or convertible securities held before, during, or after the transaction.
High Energy Batteries (India) Ltd.Merger/Acquisitionneutralmateriality 2/10

24-03-2026

Seshasayee Paper and Boards Limited acquired 1,092 equity shares (0.012% of capital) of High Energy Batteries (India) Limited on March 24, 2026, via open market purchases on BSE at ₹524.77 per share, increasing its holding from 17.798% (1,595,368 shares) to 17.810% (1,596,460 shares). The total equity share capital of the target remains unchanged at 8,963,840 shares of ₹2 face value each. This minor stake increase has negligible impact on control.

  • ·Seller belongs to Promoter / Promoter group
  • ·Disclosure pursuant to SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 Reg 29(2) and SEBI (Prohibition of Insider Trading) Regulations, 2015
  • ·No encumbrances, warrants, or convertible securities involved
Radhagobind Commercial LimitedMerger/Acquisitionpositivemateriality 9/10

24-03-2026

Srija Hotels & Properties Pvt Ltd acquired 15,01,764 shares (10.43% stake) in Radhagobind Commercial Ltd via market purchase, increasing its holding from 0% to 10.43% with no prior shares, voting rights, warrants, or encumbrances. The target company's equity share capital remains unchanged at 1,44,00,000 equity shares of ₹1 each, totaling ₹1.44 Cr. No other instruments or changes were acquired.

  • ·Mode of acquisition: Market Purchase
  • ·Date of acquisition: NA
  • ·Acquirer not part of promoter/promoter group
  • ·No changes in warrants, convertible securities, or encumbrances
Shalibhadra Finance Ltd.Merger/Acquisitionneutralmateriality 3/10

24-03-2026

Shalibhadra Finance Ltd (BSE: 511754) has received a disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 from Ayushi Doshi. This filing indicates an intention to acquire substantial shares in the company. No quantitative details such as share count, percentage stake, valuation, or transaction structure are disclosed in the filing.

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India Technology Sector Merger & Acquisition Filings — March 24, 2026 | Gunpowder Blog