India Special Situations

Kaiser Corporation Limited (531780) approved a scheme of amalgamation to absorb Emazing Deals Limited.

Lactose (India) Limited (524202.BO) is absorbing Vitanosh Ingredients Private Limited through a scheme of amalgamation.

True Colors Limited (544531.BO) is absorbing Inkia Inks Private Limited to achieve backward integration and in-house ink production.

Shraddha Prime Projects (531771.BO) is acquiring Atharva Ventures Private Limited and Shraddha Life Spaces Private Limited for a combined cash consideration of approximately $1.1M to consolidate real estate assets.

Fine Organic Industries Limited is acquiring 80% of the paid-up capital of Oleofine Organics SDN.

Jubilant Ingrevia's board approved a Binding Term Sheet to acquire a 40% strategic equity stake in Zettaone Technologies India Private Limited.

UGRO Capital Limited (511742.BO) is absorbing Profectus Capital Private Limited through a scheme of amalgamation.

Lloyds Enterprises Limited completed acquisition of 73,00,000 equity shares of Steel Infra Solutions Company Limited (SISCOL).

Shalimar Paints (SHALIMAR.NS) is exploring a reverse merger with its parent, Hella Infra Market, which would see the parent become a subsidiary through a Rs 10,440 crore (~$1.1B) share-swap.

Response Informatics Limited (538273.BO) is acquiring the remaining 33.3% of Datalabs AI Private Limited to make it a wholly owned subsidiary.

Virat Industries Limited (530521) is acquiring a 70.28% controlling stake in Brahm Lifestyle Products Private Limited for ₹95,00,00,000 (~$10M).

Ventura Guaranty Limited (512060) completed the merger of its step-down subsidiary Ventura Allied Services Private Limited into its subsidiary Ventura Securities Limited.

Board discontinued the proposed merger/amalgamation of Ricardo Elevators Private Limited with L.

SecMark Consultancy Limited (543234.BO) will absorb Codifi Finserv Private Limited and SecMark Holdings Private Limited through a board-approved scheme of amalgamation.

BofA will acquire up to a 49.9% stake in Jio Credit Limited, a wholly owned NBFC lending subsidiary of Jio Financial Services.

RDB Infrastructure and Power Limited (533285) is acquiring M/s Arankam Green Energy Solution to complete and commercialize a 6.3 MW renewable energy project. The transaction was executed via a reconstituted partnership deed. The acquisition provides RDB Infrastructure and Power Limited access to a project awarded under a Power Purchase Agreement with Uttar Pradesh Power Corporation. This event serves as an update on the acquisition under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements. The reconstituted deed conveys a 49% partnership interest for cash consideration of ₹9 million; the remaining 51% transfers contingent on commercial operation date plus one year.

Uno Minda Limited board approved amalgamation of its 99%-owned subsidiary Minda Onkyo India Pvt. MOIPL shareholders receive 6 fully paid-up equity shares of Uno Minda (INR 2 face value) for every 10,000 MOIPL shares (INR 10 face value) held. The appointed date for the scheme is April 1, 2026; the scheme requires shareholder, creditor, and NCLT approvals. MOIPL was originally a JV with Onkyo Corporation.

SAMHI Hotels board approved acquisition of 100% of Itmenaan Estate for INR 12 Cr (~$1.3M) cash via a share purchase agreement. Total approved investment, including future capex for expansion/renovation, not to exceed INR 25 Cr (~$2.6M). Itmenaan Estate is a hospitality business operating a hotel in Almora, Uttarakhand, part of RARE India. Board also approved an enabling resolution to raise up to INR 750 Cr (~$79M) via equity, convertible debentures, or other securities.

HCL Technologies Ltd (532281.BO) completed the acquisition of Hewlett Packard Enterprise's Telco Solutions business on August 3, 2026. The deal integrates nearly 1,400 engineering and telecom specialists across 39 countries into HCL Technologies Ltd. This follows the company's 2024 integration of HPE's Communications Technology Group business and adds IP for OSS, HSS, and 5G Subscriber Data Management. Financial terms were not disclosed. The close removes deal-break risk and confirms a second bolt-on acquisition from HPE's telecom assets to deepen CSP capabilities.

Prataap Snacks Limited (540724.BO) is acquiring RLOP Food Processing Private Limited for up to Rs. 16.50 Crores (~$1.7M) in cash. The board approved the 100% acquisition on August 1, 2026. Additionally, the board approved the allotment of 19,428 equity shares and 50,906 ESARs under an employee plan and the reclassification of six promoter-group members to the public category, pending exchange approvals. This is a small bolt-on acquisition relative to the company's market cap, but the concurrent promoter reclassification may signal a shift in governance structure or control.

City Pulse Multiventures Ltd (542727.BO) is acquiring a 98% stake in e-payment services firm ERECH TRADE API LLP for ₹400,13,065 (~$419.5K) to enter the digital payments business. The board approved the cash transaction on August 1, 2026, and expects completion within two months. The acquisition is not a related-party transaction. This is a transformative move for the micro-cap acquirer as the target reported FY2026 turnover of ₹403,559.10 Lakhs (~$423M).

Data Patterns (India) Limited will acquire 100% of ST Advanced Composites (STAC) for Rs1.50 crore cash payable to the promoters and provide an Rs8.50 crore loan to STAC to settle liabilities. STAC is a Chennai-based advanced-composite engineering business; the transaction is intended to support vertical integration and is expected to close within three months. STAC’s FY2025–26 provisional turnover was Rs416.85 lakh, and the filing cites a 1.3–2.0x program-value opportunity.

Welspun Corp Limited (532144.BO) acquired a 51% equity stake in Welspun Captive Power Generation Limited (WCPGL) from Welspun Living Limited to gain controlling interest. The transaction involved 15,064,213 equity shares, increasing Welspun Corp's total holding in WCPGL to 74%. The acquisition was completed on July 31, 2026, seven days after initial disclosure. This transaction consolidates a related-party power generation asset under Welspun Corp's control.

BNP Paribas Cardif is acquiring a 25.96% stake in IndiaFirst Life Insurance from Warburg Pincus to become a strategic bancassurance partner. The transaction, disclosed via a Bank of Baroda (BANKBARODA.NS) filing, follows a Share Purchase Agreement dated July 24, 2026. Post-transaction shareholding will consist of Bank of Baroda at approximately 65%, BNP Paribas Cardif at approximately 26%, and Union Bank of India at approximately 9%. The deal is subject to regulatory approvals. The transaction provides a clean exit for Warburg Pincus, but the undisclosed deal value leaves the implied valuation of Bank of Baroda's stake as the key unknown.

Kati Patang Lifestyle Limited (531126.BO) is diversifying into the alcoholic beverages sector by seeking a 51% stake in Chhota Hazri Spirits Private Limited. The companies entered into a terms sheet for the acquisition, which will make the premium liquor manufacturer a subsidiary of Kati Patang Lifestyle Limited. Consideration will be mixed cash and share swap, though the price and cost remain undisclosed and are subject to due diligence and the execution of a definitive Share Purchase Agreement. The deal is currently at a non-binding stage with key terms undefined.

MPS Limited (532440.BO) is merging ADI BPO Services Limited into itself via a scheme of amalgamation. The NCLT Chennai Bench ordered on 02 July 2026 that the company convene a meeting of its unsecured creditors, which is scheduled for 22 August 2026. No-adverse-observation letters from the NSE and BSE were issued on 02 March 2026. The transaction is progressing through the Indian NCLT process, with this court-convened creditor meeting serving as the key approval step before the tribunal sanctions the amalgamation.

Aurobindo Pharma Limited (524804.BO) is acquiring an 80% stake in the CRO business of A1 Biochem Group to create an integrated CRDMO platform. The transaction is valued at an enterprise value of USD 17 million on a debt-free, cash-free basis, with Aurobindo investing USD 13.6 million for the stake. A1 Biochem Group reported FY2025-26 turnover of INR 1,024.42 million (~$11M) and EBITDA of INR 465.46 million (~$4.8M). The acquisition is expected to close in 90-120 days, subject to customary approvals and definitive agreements. The target's EBITDA implies a low-teens EV/EBITDA multiple, providing a valuation benchmark for the deal's accretion potential.

TVS Sensing Solutions Private Limited, a step-down wholly owned subsidiary of TVS Srichakra Limited, entered into a Share Purchase Agreement to acquire 51% of Weber Drivetrain Private Limited. Weber Drivetrain is a Pune-based EV technology company specializing in electric motors and controllers, with FY26 turnover of Rs. 14.17 crore (~$1.5M).

The mandatory open offer is for up to 95,70,000 shares, representing 25.79% of voting share capital, at ₹157.27 per share.

Jai Mata Glass Limited (JAIMATAG.BO) is subject to a mandatory open offer for up to 26,000,000 shares at ₹1.85 per share in cash.

Nandini Modi and Kirit Modi launched a mandatory open offer for South India Paper Mills Ltd. (516108.BO) after executing a share purchase agreement for a 20.21% stake.

Scaffold Properties acquired a 14.43% stake in TMT India Limited (TMTIND.BO) to consolidate its position ahead of a mandatory open offer.

Acquirer Mr. Amar Pramod Talwar is making an open offer for up to 21,76,540 equity shares, representing 26.00% of the emerging expanded fully diluted voting equity share capital.

Mr. Ashwani Gulati, Ms. Kiran Gulati, and M/s Veerasha Trust are launching a mandatory open offer for Jai Mata Glass Ltd. (JAIMATAG.BO) to acquire up to 26% of equity shares.

RB International Holdings Limited's offer follows a July 30, 2026 SPA acquiring 70.66% from promoters Virat Sevantilal Shah and Alok Virat Shah.

Sanjay Natvarlal Mandavia and Rupal Sanjay Mandavia are launching a mandatory tender offer for ACI Infocom Limited (ACIINFO.BO) to acquire up to 26% of the company's voting share capital.

Kuber Udyog Limited (KUBERUDYOG.BO) is subject to a mandatory open offer after acquirers Manav Bahri, Dinesh Popli, and Ajay Dutta, along with PAC Trimudra Trade & Holdings Private Limited, crossed the 25% ownership…

Acquirers Manav Bahri, Dinesh Popli, and Ajay Dutta, along with PAC Trimudra Trade & Holdings, are making a mandatory open offer for up to 26.00% of Kuber Udyog Limited. The open offer was triggered by a Share Sale & Subscription Agreement and a proposed preferential issue that will give the acquirers control of the target company. Systematix Corporate Services Limited is the manager to the offer.

The mandatory open offer is for up to 12,22,000 shares, representing 26.00% of the voting share capital, in cash. The target company, Pasupati Fincap Limited, is listed on BSE Limited.

Aspect Global Ventures acquired a 70.61% promoter stake (69,59,800 shares) via SPA executed June 11, 2026, and consummated July 21, 2026. The mandatory open offer seeks up to 26% of Duke Offshore's voting share capital (25,62,872 shares) at ₹30 per share, payable in cash. Full offer consideration of ₹7.6886 crore (~$807.6K) has been deposited in escrow with ICICI Bank; the offer is not conditional on minimum acceptance. Aspect Global has stated it does not plan to delist Duke Offshore; the company is expected to remain listed on BSE.

Vinesh Shivji Dholu and four family associates launched an open offer to acquire equity shares from public shareholders of Lippi Systems Limited (LIPPISYS.BO). The process was triggered under SEBI SAST regulations following consolidation of control by the acquirer group, with a pre-offer advertisement published on 28 July 2026. The offer price, timeline and submission procedures were not disclosed in the source and are to be detailed in the forthcoming Letter of Offer.

Pravin Kumar Shishodiya and Punit Shishodiya triggered a mandatory open offer for Ramgopal Polytex Limited (RAMGOPOLY.BO) after acquiring a 45.46% stake from the promoter group for ₹5.93 crore. The acquirers will offer to purchase up to 37,70,000 shares, or 26% of equity, at ₹17.10 per share for maximum consideration of ₹6.45 crore. The offer price represents a 90% premium over the ₹9 per share paid under the 28 July 2026 share purchase agreement. The previous promoter group, including the Jatia family, has fully exited the company. A detailed public statement is due by 4 August 2026. The offer is not conditional on minimum acceptance and follows the 28 July share purchase agreement.

Gulshankumar Vijaykumar Chopra is launching a mandatory open offer for a 26% stake in Niraj Cement Structurals Limited (NIRAJ.NS) at ₹29 per share. The tender follows share purchase agreements dated 16 June 2026 for the acquisition of a 41.04% stake. The Committee of Independent Directors found the price fair and reasonable on 28 July 2026. The offer opens 31 July 2026 and closes 13 August 2026, with cash payment due 28 August 2026. Full acceptance would increase promoter group ownership to 91.93%. The mandatory offer follows the acquisition crossing the 25% threshold under Indian takeover rules.

Rakesh Ramanlal Shah and PAC Komal Infotech Private Limited are launching a mandatory open offer for ECS Biztech Limited (540063.BO) after acquiring a 65.42% controlling stake. The acquirers executed a share purchase agreement on July 29, 2026, to buy the control block for Rs. 2.26 per share. The mandatory open offer to acquire up to 26% of the voting share capital is priced at Rs. 10.50 per share in cash, with a detailed public statement due by August 5, 2026. The acquirers stated they do not intend to delist the company. This situation creates a significant price gap as the open offer price is a SEBI-formula minimum and substantially higher than the Rs. 2.26 per share paid for the control block.

Apollo Micro Systems Limited is launching a mandatory open offer for Premier Explosives Limited (PREMEXPLN.NS) to acquire a total stake after agreeing to buy 41.33% from the promoter group. The offer provides cash of ₹698 per share for up to 1,39,77,911 shares, representing 26.00% of the equity share capital. Total consideration for the open offer is approximately ₹975.66 crore (~$101M). The tendering period will last 10 working days following the July 17, 2026, Letter of Offer. Public shareholders must decide whether to tender during this window at an offer price representing a 5.1% premium to the ₹664.10 price. This follows a July 9, 2026 share purchase agreement where Apollo Micro Systems acquired a 41.33% stake from AKS Family Trust for ₹1,550 crore (~$161M). The tendering period runs from September 1 to September 15, 2026, with a record date of August 17, 2026. The offer is backed by a ₹9.76 crore (~$1M) cash escrow deposit and a ₹173 crore (~$18M) unconditional bank guarantee with SBI. This is a mandatory tender required when an acquirer crosses 25%, with the offer price representing the SEBI-formula minimum rather than a negotiated premium.

Karronn Naresh Bajaj triggered a mandatory open offer for up to 26% of Mitshi India Limited (MITSHI.BO) after acquiring a 15.57% stake from outgoing promoters Kumar V Shah and Deepa Kumar Shah on July 23, 2026. The cash offer is priced at ₹15 per share, with total consideration of ₹3,43,20,000 (~$355.4K) if fully subscribed. The offer is not conditional on minimum acceptance, and the acquirer has stated there is no intention to delist the shares. A detailed public statement and tender timetable are due by July 30, 2026. The offer price was set using the SEBI infrequently-traded-share formula and sits below the last traded price of ₹17.29, which may limit retail participation.

Anupam Rasayan India Limited launched a mandatory open offer to acquire up to 26% of Bliss GVS Pharma Limited (BLISSGVS.NS) for ₹299.00 per share in cash. The tendering period runs from July 28 to August 10, 2026, with a total deal value of ₹8,290,327,552 (~$86M). The Committee of Independent Directors recommended the offer as fair and reasonable, though July 17 closing prices on the BSE and NSE were ₹482.50 and ₹483.50, respectively. ICRA placed the company's ratings on Watch with Developing Implications due to the promoter exit and ownership transition. The offer price is a SEBI-formula minimum and trades approximately 60% below market, making the tender likely to be undersubscribed and raising the question of whether the buyer will purchase shares in the open market to reach its target stake.

Rikhav Securities Limited (RIKHAV.BO) is subject to a mandatory open offer for a 26% stake at ₹47.75 per share. The offer price includes a ₹0.55 per share interest component for a 40-day delay in the public announcement. The Independent Directors' Committee recommends the offer as fair, noting the price exceeds the 60-day VWAP of ₹47.20. Total consideration of ₹47,53,95,180 (~$4.9M) is deposited in an escrow account, and the tendering period runs from July 24 to August 06, 2026. This regulatory cleanup was triggered by a SEBI creeping-acquisition breach and offers a negligible premium over the July 21 close, making acceptance unlikely unless the stock trades below ₹47.75.

Dhiren Chandulal Shah and Sunil Chinubhai Shah are launching a mandatory open offer for Parmax Pharma Ltd (540359.NS) to acquire up to 26% of the company at ₹42.80 per share. The acquirers have deposited ₹5.20 crore (~$538.5K) in escrow, representing over 25% of the maximum ₹10.04 crore (~$1M) consideration. This tender offer, combined with a preferential allotment to non-promoters approved July 2, 2026, is intended to facilitate a change of control. The tendering window opens July 30 and closes August 12, 2026, with payment expected by August 27, 2026. This is a mandatory tender required under SEBI (SAST) Regulations after an acquirer crosses 25%, with the ₹42.80 offer price based on a SEBI formula rather than a negotiated premium.

TVS Holdings Limited (520056.BO) is implementing a capital return to shareholders via a bonus issue of preference shares following NCLT Chennai Bench sanction on 18 August 2026.

UltraTech Cement (ULTRACEMCO.NS) recommended a record special dividend of Rs 240 per share to return Rs 7,072.3 crore (~$741M) to shareholders.

Mukand Limited (MUKANDLTD.NS) approved a special dividend of INR 1 per equity share to commemorate 100 years of the Bajaj Group.

Advanced Enzyme Technologies Limited: Board approved buyback of up to 10% of paid-up capital and free reserves, capped at ₹697,000,000 (~$7.3M) (₹69.7 crore (~$7.3M)).

JM Financial maintained a 'Buy' rating with a Rs 810 target price, citing the buyback as supportive of the stock price. Management had indicated during the Q1 FY27 earnings call that the board would evaluate a buyback under the revised framework.

SIS Limited board approved a buyback of equity shares on August 5, 2026. The buyback will be executed through the open market route via stock exchange mechanism. Elara Capital (India) Private Limited is the manager to the buyback. The public announcement was published.

Board approved a share buyback via tender offer at ₹320 per share. Q1 standalone net profit rose 61% YoY to ₹80.5 crore (~$8.5M). EBITDA margin expanded 83 bps YoY to 21.23%.

ABB India Limited (ABB.NS) declared a special dividend of ₹90 per share alongside Q2 CY26 results. Revenue rose 21% YoY to ₹3,559 crore, profit after tax rose 8% to ₹370 crore, and Q2 orders were ₹4,363 crore, the highest-ever second quarter. The cited article does not provide the record date, payment deadline or face-value percentage.

Omkar Overseas Ltd (OMKAR.BO) held a shareholder vote on July 27, 2026, to approve a Scheme of Arrangement for Reduction of Share Capital. The meeting was ordered by the NCLT Ahmedabad Bench via an order dated June 4, 2026. Voting results are expected within 48 hours of the meeting's conclusion. No specific reduction ratio or return amount was disclosed. The vote outcome determines whether the balance-sheet restructuring proceeds or stalls, as Indian capital reduction schemes require NCLT sanction after shareholder approval.

Board approved execution of an MOU to sell the Nagpur Unit as a going concern via slump sale.

Navkar Urbanstructure entered a Business Transfer Agreement dated August 12, 2026 to sell UNIT-1 pipe division to J and M Enterprises on a slump sale basis.

Precision Electronics Limited (517258.BO) is seeking to divest its Noida land and building, a facility that contributed 99.99% of revenue in FY2026.

Lucchini RS agreed to acquire a 15% stake in Jupiter Tatravagonka Railwheel Factory (JTRWF), Jupiter Wagons' subsidiary, while Italian state agency SIMEST will take a further 10% stake.

Adani Ports and Special Economic Zone (ADANIENT.NS) signed a definitive agreement on June 30 to sell a 49% stake in its subsidiary Adani Vizhinjam Ports Private Limited (AVPPL) to Terminal Investment Limited for $1.4 billion in cash. The transaction requires approval from the Kerala state cabinet and the Indian central government. Union Shipping Minister Sarbananda Sonowal recently informed the Lok Sabha that the Centre has not yet received the proposal. The Kerala state government is reviewing the proposal through a high-power committee and the Law Department, while the Opposition has filed a SEBI complaint alleging concession agreement violations. This disclosure indicates a longer regulatory path than the June 30 agreement implied, with political risk added by monopoly allegations and the SEBI complaint.

The sale consists of a 2.5% base stake and a 4% green shoe option, with the latter triggered after the institutional tranche was subscribed 3.32x. The floor price is set at ₹382 per share. The non-retail tranche opened August 4, followed by the retail investor tranche on August 5.

Mahindra & Mahindra Ltd (500520.BO) is preparing for a partial divestiture of its electric three-wheeler subsidiary, Mahindra Last Mile Mobility Ltd, which recently raised $33M in a cash funding round led by Lightrock with participation from IFC and the India-Japan Fund. The round values the subsidiary at $1.13B, reducing the parent company's stake from 78.11% to 75.79%. A public listing is planned for the second half of calendar year 2027. This $1.13B valuation establishes a benchmark for the upcoming IPO.

Nectar Lifesciences Ltd. (532649.BO) extended the completion date for the slump sale of its Empty Hard Gelatin Capsule business to Capnest Health Care Private Limited. The parties mutually agreed to push the expected close to on or before December 31, 2026. All other terms disclosed in the December 20, 2025 annexure remain unchanged. The extension delays the business separation and cash inflow into H2 2026, though the delay appears procedural rather than a deal-risk event.

Bharat Forge Limited (500493.BO) is exiting a non-core, loss-making German joint venture to remove a small overhang. Its subsidiary, Kalyani Powertrain Limited, signed a definitive agreement on July 22, 2026, to sell its 50% stake in REFU Drive GmbH to joint venture partner REFU Elektronik GmbH for EUR 12,500 (~$14.2K) cash. REFU Drive GmbH reported EUR 14,418,688 (~$16M) in revenue and a negative net worth of EUR 3,226,560 (~$3.7M) in the last financial year. The related party transaction is expected to close within six weeks. The divestiture cleans up a subsidiary with negative net worth for a nominal sum.

K M Sugar Mills Ltd (532673.BO) will separate its distillery division into a wholly owned subsidiary, KM Spirits and Allied Industries Limited.

Veranda Learning Solutions Limited (543514.BO) is proceeding with a composite amalgamation and demerger following a sanction order from the NCLT Chennai Bench-I dated August 20, 2026.

HEG Limited (HEG.NS) secured NCLT Indore Bench approval for a Composite Scheme of Arrangement to split into two separately listed entities focused on graphite electrodes and advanced materials and energy solutions.

Lemon Tree Hotels Limited (LEMONTREE.NS) is planning a demerger to split its asset-light brand from Fleur Hotels, which will become a listed hotel ownership platform.

Pricol Ltd plans to spin off its driver information and connected vehicle solutions (DICVS) business. Advent International and EQT are among the PE firms evaluating an investment in the demerged entity.

Vedanta Limited (VEDL.NS) plans a vertical demerger of surplus real estate into Vedanta Property Platforms (VPPL), with one VPPL share for every 20 Vedanta shares. The portfolio comprises 2,200 acres of industrial land and 55,000 sq ft of residential/commercial property across Maharashtra, Gujarat, Goa, Karnataka and Tamil Nadu, with management citing a potential ₹30,000 crore opportunity. Vedanta is expected to hold 54.72% of VPPL after the split; the public would hold the balance. The scheme requires NCLT Mumbai approval, and filings with other regulators are expected in August 2026.

Jubilant Agri and Consumer Products Limited (544355.BO) is pursuing a demerger of its Agri Business into Jubilant Agri Solutions Limited under a scheme of arrangement. The NCLT Allahabad Bench has directed meetings of equity shareholders and unsecured creditors for September 5, 2026.

India Glycols Limited (INDGLYCO.NS) is demerging its Biopharma and Spirits & Biofuel undertakings into Ennature Bio Pharma Limited and IGL Spirits Limited, respectively. The NCLT Allahabad bench sanctioned the scheme after reported shareholder and creditor approvals; it involves no corporate debt restructuring or reduction in paid-up equity share capital. Shares of the resulting companies held by India Glycols are to be cancelled when the scheme becomes effective. Distribution of shares to India Glycols shareholders remains subject to the scheme becoming effective and the related implementation steps.

Ratnaveer Precision Engineering Ltd.: Board approved a ₹330 crore (~$34M) rights issue of 1,24,99,669 equity shares at ₹264 per share, including a premium of ₹254 per share, on 20 August.

Quint Digital Limited (539515) is launching a rights issue to raise ₹ 9,087.55 Lakhs (~$9.5M).

Board approved raising up to ₹650 crore (~$68M) via a rights issue of equity shares. Record date, issue price, and rights entitlement ratio are yet to be determined by a newly constituted Securities Issuance Committee. Net profit for the quarter ended June 2026 rose 85.8% YoY to ₹32.4 crore (~$3.4M).

Zodiac-JRD-MKJ Limited proposes a rights issue of fully paid-up equity shares of face value ₹10 each. The aggregate issue amount is not exceeding ₹40,00,00,000 (~$4.2M) (Indian Rupees Forty Crores Only). The Draft Letter of Offer is, and was submitted to BSE. The record date, rights entitlement ratio, and issue price have not yet been determined in this draft document.

Q1FY27 revenue from operations was ₹314.64 crore (~$33M), up 18.9% YoY. PAT rose 22% YoY to ₹18.24 crore (~$1.9M). Credit rating agency Infomerics upgraded the long-term rating to IVR A- (Stable) and short-term rating to IVR A2+.

Genesys International Corporation Limited (506109.BO) is launching a rights issue for up to 25,074,226 shares to raise up to ₹1,253.71 million (~$13M). The offer price is ₹50 per share, representing a discount to the last traded price of ₹271.20. The issue opens August 14 and closes August 21, 2026. A renunciation window from August 14 to August 18 allows existing shareholders to sell entitlements on-market, creating a tradable rights value.

Shanti Gold International Limited (544459.BO; NSE: SHANTIGOLD) has fixed August 6, 2026 as the record date for its rights issue. The company will issue up to 4,643,471 fully paid-up equity shares at ₹215 per share, for an issue size of up to ₹998.35 million assuming full subscription, with an entitlement of 19 rights shares for every 295 shares held. The issue opens August 14 and closes August 21, 2026; on-market renunciations end August 18 and off-market renunciations end August 20. Rights entitlements under ISIN INE06ZD20017 will be credited in dematerialized form through NSDL and CDSL before the issue opens.

GVK Power & Infrastructure Limited reported a standalone net profit of ₹9 lakh (~$9.4K) for Q1FY27, though consolidated results showed a net loss of ₹55 lakh (~$57.5K).

SpiceJet (SPICEJET.NS) faces potential insolvency proceedings if it fails to settle dues with seven remaining creditors by Wednesday.

The National Company Law Tribunal, Mumbai Bench, admitted the insolvency application under Section 7 of the IBC and initiated CIRP against TV Vision Limited on July 30, 2026. Mr. Alok Kumar Murarka has been appointed as the Interim Resolution Professional (IRP). Creditors must submit claims with proof to the IRP by August 13, 2026.

Simbhaoli Sugars Limited (539742.BO) has resumed its Corporate Insolvency Resolution Process (CIRP) following a July 13, 2026, NCLAT judgment vacating a stay on the proceedings. Interim Resolution Professional Anurag Goel is currently managing the company while board powers remain suspended. The Committee of Creditors held its first meeting on July 23, 2026, with e-voting on discussed items running from July 27 to July 31, 2026. This e-vote represents the initial creditor decision point in the insolvency process, where outcomes may include the appointment of a permanent RP, interim financing approval, or a resolution plan timeline.

Indian Oil Corporation Ltd. (IOC.NS) is reviewing its Nagapattinam refinery project for a potential pivot to a standalone petrochemicals complex to improve capital efficiency. Project costs have escalated to over ₹33,000 crore (~$3.5B) from ₹29,361 crore (~$3.1B). Land acquisition is complete, but construction has not started pending a commercial viability review. This shift reflects an industry trend among Indian OMCs toward integrated petrochemical production to capture higher value addition and more stable demand than refining margins. The review signals a potential capital reallocation that could alter the company's downstream growth profile and long-term return on invested capital.

Solara Active Pharma Sciences (SOLARA.NS) is conducting an ongoing strategic review of its loss-making ibuprofen business. The segment reported a negative 12% EBITDA margin in Q1 FY27 and is expected to incur EBITDA losses of ₹10–15 crore per quarter in the near term. Management said recovering the approximately ₹700 crore of deployed capital may be challenging and expects the review to conclude by H1 FY27; no final decision on the unit's future has been made.

MedPlus Health Services (MEDPLUS.NS) has paused previously approved CAPEX plans following a review of its business structure and market outlook. Shelved projects include a Food Park by subsidiary Optival Health Solutions Pvt. Ltd. and a Concierge Health & Wellness Services facility in Hyderabad. The company stated on July 23, 2026, that the pause is not expected to adversely impact existing operations. The outcome signals a shift from expansion to capital preservation, though no timeline or alternative use for the capital was disclosed.

TVS Motor Company (TVSMOTOR.NS) is evaluating a potential separation of its non-banking financial services arm, TVS Credit. Chairman Sudarshan Venu stated at the annual general meeting that the company may pursue this demerger in stages at an appropriate time, though no timeline has been specified. TVS Credit has an asset base exceeding Rs 30,000 crore (~$3.1B), 24 million customers, and saw disbursements grow 26% in FY26. A demerger would create a pure-play financial services entity and could unlock a sum-of-the-parts discount at the parent, though the event remains at the early board-signaling stage.

Oxford Industries Limited filed a Scheme of Reduction of Share Capital with BSE.

MPL Plastics Limited (MPLPLASTICS.BO) is undergoing a formal winding-up process under Section 10 of the Insolvency and Bankruptcy Code, 2016.

Quadrant Televentures Limited (QUADRANT.BO) is undergoing a Corporate Insolvency Resolution Process following a September 2, 2025 NCLT order.

Board approved the Initial Public Announcement for voluntary delisting.

Nitin Castings Limited (NITINCAST.BO) is pursuing a voluntary delisting from BSE Limited following a reverse book building process that discovered an exit price of ₹300 per equity share.

Elpro International (ELPROINTL.BO) is launching a voluntary delisting offer at ₹181.80 per share to take the company private. The cash offer represents a 15% premium over the certified floor price of ₹158.07. The tendering window for 4,23,70,160 shares runs from August 4 to August 10, 2026. The Independent Directors Committee unanimously recommended that shareholders accept the offer. Delisting is conditional on the acquirers and promoter group reaching a 90% post-offer shareholding threshold, with residual holders retaining a one-year exit window at the fixed price.

Natco Pharma Ltd (NATCOPHARM.NS) challenged a patent granted to Novartis AG and Astex Therapeutics for the breast cancer drug ribociclib in the Delhi High Court. Justice Anup Jairam Bhambhani issued notice to all parties and scheduled a hearing. A successful challenge would allow Natco to launch a generic version of ribociclib, branded as Kisqali, in India.

Zee Entertainment Enterprises Ltd (ZEEL.NS) received a two-month securities market ban and a ₹30 lakh (~$31.4K) penalty from SEBI over an unauthorized land pledge. SEBI also barred Chairman Emeritus Subhash Chandra and MD & CEO Punit Goenka from the securities market for one year each, imposing penalties of ₹60 lakh (~$62.9K) and ₹58 lakh (~$60.8K) respectively. The order follows findings that ZEEL pledged Hyderabad land title deeds to Indiabulls Housing Finance in December 2018 to secure Essel Group loans without audit committee approval. This action creates a governance vacuum and potential M&A overhang for the broadcaster.

Dabur India Limited (DABUR.NS) is challenging a Food Safety and Standards Authority of India (FSSAI) prohibition on selling products with "100%" claims to avoid the destruction of approximately ₹150 crore (~$16M) in…

Promoters of Nitin Castings Limited (NITINCAST.BO) are seeking to delist the company by acquiring the remaining 28.61% public shareholding, or 1,470,894 shares, at Rs 273.36 per share. The Committee of Independent Directors met on August 1, 2026 under SEBI's Delisting Regulations, 2021; its fairness recommendation is expected August 3. The recommendation informs shareholders but does not itself determine whether delisting succeeds; subsequent offer conditions and the delisting process do.