India Special Situations

Arisinfra Solutions Limited (ARIS.NS) proposes to amalgamate Arisunitern Re Solutions Private Limited into Arisinfra.

Inox Green Energy Services Limited (INOXGREEN.NS) is acquiring the operation and maintenance business of Wind World (India) Limited for $57 million in cash.

Prabhhans Industries Limited (PRABHHANS.BO) proposes to acquire 100% of MTOW Mobility Private Limited and Reown Device Private Limited through a share swap valued at ₹117.16 crore (~$12M).

NCLT Amaravati Bench issued an order on October 8, 2026, directing GOCL Corporation to convene meetings of equity shareholders and unsecured creditors.

Skybridge Interactive LLP acquired a 62.28% stake in Baba Arts Limited (BABA.BO) for ₹19.62 crore (~$2M), or ₹6 per share.

NCLT Chennai sanctioned the Scheme of Amalgamation between Dr.

Kothari Sugars and Chemicals Limited (KOTARISUG.NS) will be absorbed into Kothari Petrochemicals Limited under a scheme of amalgamation.

Privi Speciality Chemicals Limited is the Transferee Company in a Scheme of Amalgamation with Privi Fine Sciences Private Limited (Transferor Company 1) and Privi Biotechnologies Private Limited (Transferor Company 2).

Advent International is seeking regulatory approval from the Competition Commission of India to acquire a 24.9 per cent stake in Yatharth Hospital & Trauma Care Services (YATHARTH).

JSW Cement (JSWCEMENT.NS) is merging its listed subsidiary Shiva Cement into itself via a scheme of arrangement.

KPI Green Energy (KPIGREEN.NS) signed a binding offer to acquire 100% equity in Alfanar Energy Pvt Ltd and Netra Wind Pvt Ltd at an enterprise value of approximately Rs 2,410 crore.

Sindhu Trade Links acquired a 78.26% stake in Advent Coal Resources for Rs 697.05 crore and a 50.10% stake in Sainik Mining and Allied Services for Rs 225.45 crore, totaling Rs 922.50 crore in acquisition consideration.

HCAH and QMS announced a strategic merger of their pharma service businesses on Monday.

Viyash Scientific Limited signed a binding agreement to acquire 100% of BioForLife Italia S.r.l. Aggregate consideration is EUR 16.975 million (~$19M): EUR 15.0 million (~$17M) payable at closing and EUR 1.975 million (~$2.3M) deferred. Deferred consideration is expected to be settled within 12 months from closing or earlier upon the relevant trigger. The transaction is executed through step-down wholly owned subsidiary Alivira Animal Health Limited. BioForLife reported CY 2025 annual sales of approximately EUR 9.0 million (~$10M) and reaches over 80% of veterinary clinics in Italy. Italian FDI/Golden Power approval has been received; closing remains subject to customary formalities and conditions and is expected within two months from September 8, 2026.

Hubtown Ltd plans to amalgamate promoter-held entities associated with projects including 25 Downtown, 25 South, 25 West and Rising City. The proposed consolidation is expected to bring over 6 million square feet of carpet area and over ₹50,000 crore (~$5.2B) of gross development value into the listed company. Following completion of the mergers, Hubtown's gross development value is indicated to be in the region of ₹1.3 lakh crore (~$13.6B). Hubtown was erstwhile known as Akruti City. FY26 pre-sales reached ₹4,382 crore (~$457M) against ₹3,922 crore (~$409M) in FY25.

Waaree Energies (WAAREENERGIES.NS) is absorbing Indosolar Ltd through a proposed merger. The board approved a draft scheme of amalgamation, though the deal remains subject to approvals from shareholders, creditors, the BSE, the NSE, and the National Company Law Tribunal. This draft-scheme approval is the first formal step toward consolidation under a court-supervised merger (scheme of amalgamation) requiring NCLT, exchange, shareholder, and creditor approvals. Indosolar shareholders other than Waaree Energies will receive 1 fully paid-up Waaree Energies equity share for every 11 Indosolar shares held as of the record date. Waaree Energies had 28.765 crore equity shares outstanding as of June 30, 2026; post-scheme total is expected to rise to 28.860 crore shares. Promoter holding is projected to decline marginally from 64.12% to 63.91%, while public shareholding is expected to rise from 35.88% to 36.09%. Indosolar had total assets of ₹404.92 crore (~$42M), net worth of ₹323.63 crore (~$34M), and turnover of ₹68.36 crore (~$7.1M) as of June 30, 2026.

Jagsonpal Pharmaceuticals Ltd agreed to acquire the wellness portfolio of Group Pharmaceuticals Ltd for Rs23.7 crore at closing on a going-concern basis through a slump sale, plus up to Rs23 crore linked to sales achieved in FY28, for maximum total consideration of Rs46.7 crore. The deal is expected to close by November 1, 2026, subject to conditions, and Jagsonpal plans to integrate the portfolio into its commercial platform and distribution network.

Himadri Speciality Chemical Ltd. (HSCL.NS) is acquiring the tyre business of Dalmia Bharat Refractories Ltd. as a going concern through a scheme of arrangement. Himadri will issue new shares to eligible Dalmia Bharat Refractories shareholders based on a share entitlement ratio of one HSCL share for every 260 DBRL shares. The transaction is awaiting approvals from shareholders, creditors, SEBI, the National Company Law Tribunal, and stock exchanges. The deal expands Himadri's tyre-related speciality chemicals footprint and will alter its stakeholder base through the share issuance.

Kapil Raj Finance Limited (539679.BO) intends to acquire 90% of Henyo Pack Limited for $6.2 million via a share swap. The deal provides 100 Kapil Raj shares for every 1 Henyo share, involving the issuance of 265.5 million new shares at ₹2.24 per share. The board approved the agreement and a separate preferential cash issue of 6.7 million shares on 21 September 2026. The transaction is subject to a shareholder vote at the next Annual General Meeting. The 100:1 swap ratio implies a high valuation for Henyo and will heavily dilute existing Kapil Raj shareholders if approved.

ITC Limited (ITC.NS), through ITC Infotech, is acquiring an aggregate 22.1% minority stake in Happiest Minds from Ashok Soota and promoter entities; deal value and the share-swap terms were not disclosed in this article. The combined entity is expected to reach approximately $1 billion of annual revenue by FY28, supporting larger contract bids. The proposed merger remains subject to regulatory and shareholder approvals.

Persistent Systems Limited (PERSISTENT.NS) entered into a business combination agreement with Nagarro SE. The transaction is subject to regulatory, shareholder, and third-party approvals, though no completion timeline has been confirmed. The deal was disclosed in an investor presentation filed 19 September 2026 under SEBI Regulation 30. This cross-border combination of two mid-tier IT services firms remains at an early approval stage, and there is no assurance the transaction will be finalized on the described terms or at all.

Max Estates Limited (MAXESTATES.NS) is set to sign a joint development agreement for 9.76 acres of land in Ghaziabad. The transaction remains subject to due diligence, requisite approvals, and execution of the agreement. No consideration, counterparty, or timeline has been disclosed. This adds to an active land-acquisition program, including a recent share-purchase agreement to acquire 84.71 acres in West Delhi via a share-swap of up to 7 million shares at Rs 597.50 each, or Rs 420.2 crore (~$44M).

Mandatory open offer for up to 26.00% of RGF Capital Markets' voting share capital, or up to 3,90,06,240 equity shares of face value ₹1 each.

Onyx Biotec Limited (ONYX.NS) published the independent directors’ committee recommendations dated 7 October 2026 on 8 October 2026.

Marwadi Chandarana Intermediaries Brokers Private Limited is pursuing an open offer for Trucap Finance Limited (TRU.NS).

JBCG Advisory Services Private Limited has triggered a mandatory open offer for Oscar Global Limited.

Apollo Micro Systems Ltd is launching a mandatory open offer to acquire 26.00% of Premier Explosives Ltd (PREMEXPLN.NS) for ₹705.65 per share in cash.

Ballygunge Family Trust and persons acting in concert announced an open offer for Shankara Building Products Limited on July 15, 2026.

Enact Technologies Private Limited and co-acquirers announced a mandatory open offer for up to 36,92,000 shares, representing 26.00% of Hiliks Technologies' expanded equity and voting share capital.

Anupam Rasayan India and its PAC acquired 5,09,84,595 shares of Bliss GVS Pharma on 28 September 2026, representing a 47.95% stake.

Promoters Sandeep Jagdishprasad Agrawal and Anupriya Sandeep Agrawal launched a mandatory open offer to acquire up to 3.8 million shares, or 26% of the expanded equity share capital, of Tusaldah Limited (531301.BO).

Apollo Micro Systems agreed to acquire 41.33% of Premier Explosives' voting share capital from the AKS Family Trust under a Share Purchase Agreement dated July 9, 2026.

Uday Narang has made a mandatory open offer to buy up to 12,22,000 shares (26.00% of voting capital) of Pasupati Fincap at ₹12 per share in cash.

Ghanshyam Hansrajani launched an open offer to acquire up to 12,57,048 equity shares of Mayur Leather Products, representing a 26% stake.

G-TEC Education Private Limited (Acquirer-1) and Mr.

Indo Borax & Chemicals Limited is launching a mandatory open offer to buy up to 25.79% of Kronox Lab Sciences Limited (KRONOX.NS) at ₹157.27 per share.

Sandeep Jagdishprasad Agrawal and Anupriya Sandeep Agrawal are making a cash open offer for up to 37,83,000 equity shares of Tusaldah Limited, representing 26.00% of the expanded equity and voting share capital.

Mr. Rakesh Ramanlal Shah and Komal Infotech Private Limited (PAC) launched a mandatory open offer for up to 26.00% of ECS Biztech Limited.

Competition Commission of India cleared Fairfax India Holdings Corporation's proposal to acquire an additional stake in IIFL Capital Services. Fairfax India Holdings Corporation, through its affiliate FIH Mauritius Investments Ltd, is acquiring the stake in IIFL Capital Services. FIHM will subscribe to fresh equity shares of IIFL Capital Services through a preferential issue on a private placement basis. FIHM will acquire shares tendered by public shareholders under a mandatory open offer. FIHM is wholly owned by Fairfax India Holdings Corporation, a company listed in Toronto, whose ultimate parent is Fairfax Financial Holdings Ltd.

Kapil Raj Finance Ltd (539679) issued a public announcement regarding an open offer.

Nimesh Sahadeo Singh is making a cash open offer to buy 182,000 shares of Oseaspre Consultants Limited (OSEASPR.BO) at Rs. 48 per share. The offer is triggered by a preferential allotment of 325,000 shares and a share purchase agreement for 147,043 shares, which will give the buyer 67.43% of the company's equity and voting capital. An extraordinary general meeting to approve the preferential allotment is scheduled for 2026-10-30. The offer provides a liquidity exit for public shareholders of this infrequently traded stock via a mandatory tender (SEBI triggered open offer).

Magnum Ventures Limited (532896.BO) is spinning off its paper business into Magnum Paperz Limited via a demerger scheme.

Jubilant Agri and Consumer Products Limited (JUBLCPL.NS) is advancing a demerger into Jubilant Agri Solutions Limited.

Bhagyanagar India Limited (BHAGYANGR.NS) is spinning off its copper business into Tieramet Limited via a share distribution (Composite Scheme of Arrangement).

Triveni Power Transmission Limited (TRIVENIPT.NS) will begin trading on the BSE and NSE on October 12, 2026, following listing approvals received October 8, 2026.

HEG Advanced Materials shares surged nearly 8% on October 6, touching an intraday high of ₹256.47 on the NSE.

Maharashtra Seamless Limited's board approved a demerger.

NCLT Allahabad Bench sanctioned the Scheme of Arrangement on 17th July 2026.

Veranda Learning Solutions Limited (VERANDA.NS) has constituted the board of its subsidiary J.K.

Pricol is a Coimbatore-based auto parts maker with three businesses: driver information systems and connected vehicles, switches and disc brakes, and plastics.

AGICL secured a Programme Management Consultant contract from Odisha IDCO valued at ₹33.15 crore (~$3.5M).

Sun TV Network (SUNTV.NS) shares reportedly hit a 20% upper circuit at Rs.664.60 following media reports of a possible sports-business demerger.

NCLT Allahabad allowed the First Motion Application for the demerger of Magnum Ventures' paper business into Magnum Paperz Limited.

Veranda Learning Solutions Limited fixed October 6, 2026, as the Record Date for the Commerce vertical demerger.

Bhagyanagar India Limited's board, in a meeting on September 25, 2026, fixed October 8, 2026 as the record date for equity share allotment under its Composite Scheme of Arrangement.

GSPL Transmission Limited (GSPLTRANS.NS) will list on the BSE and NSE on September 30, 2026, following its demerger from Gujarat Energy Limited.

GE Power India Limited (GEPIL.NS) will transfer its Durgapur power-boiler-components business to JSW Energy Limited in a demerger sanctioned by the NCLT Mumbai Bench-I (Scheme of Arrangement).

At the 16th AGM on 30.09.2026, members approved disinvestment in Essar Shipping DMCC, U.A.E., an overseas wholly-owned subsidiary, under Section 180(1)(a) of the Companies Act, 2013.

Financial Express reports that Jio Platforms has received SEBI approval for an IPO and could launch in the next few weeks, with a likely issue size of nearly Rs 37,700 crore (~$3.9 billion); the article says no official…

NCLT Mumbai Bench sanctioned the Scheme of Arrangement between GE Power India and JSW Energy on October 1, 2026.

Mahanagar Telephone Nigam Limited (MTNL.NS) board approved the $93 million cash sale of its Powai property to the IT department.

Ganesh Benzoplast Limited (GANESHBE.NS) signed a definitive agreement to sell its liquid storage terminal and rail logistics businesses to Cisternina Logistics for ₹1,154 crore (~$120M) in cash via a slump sale…

South Eastern Coalfields Ltd. (SECL), a subsidiary of Coal India Ltd. (COALINDIA.NS), reportedly hired ICICI Securities, SBI Capital Markets, Motilal Oswal Investment Advisors and IDBI Capital Markets & Securities for a…

The government is evaluating financial bids for strategic stake sale in IDBI Bank. Fairfax Financial Holdings and Emirates NBD submitted revised bids to buy 60.72 per cent in IDBI Bank. Revised financial bids came in on July 13, 2026. The government and LIC together hold 94.71 per cent stake in IDBI Bank. The government and LIC are looking to sell 60.72 per cent — the Centre's 30.48 and LIC's 30.24 per cent stake, respectively. Both bidders already have security clearance from Ministry of Home Affairs and 'Fit and Proper' assessment from the Reserve Bank of India.

IRB Infrastructure Developers (IRB.NS) is selling 100% of the equity in its Solapur Yedeshi Tollway Limited and CG Tollway Limited subsidiaries to the IRB InvIT Fund. The board also approved on 22 September the phased development of nearly 350 acres of land in Pune and the redevelopment of nearly 3,500 sq. mts. of land in Mumbai. Consideration and closing dates were not disclosed. These asset-monetisation steps are intended to increase cash flows without incremental cost.

Dilip Buildcon Limited (DBL.NS) entered into definitive agreements on September 18, 2026, to divest its stake in ten SPVs holding an under-construction solar portfolio to Alpha Alternatives. The portfolio comprises a 1,363 MW (AC) grid-connected solar PV project across 163 locations in Madhya Pradesh with an estimated total cost of Rs 6,263 crore (~$654M). During construction, the parties will fund the equity portion in a 51:49 ratio, with Alpha Alternatives led Funds/InVIT acquiring DBL's remaining 51% upon project completion. This divestiture removes DBL's under-construction solar portfolio exposure and provides a clear path to full monetization of the assets.

Coal India Ltd. (COALINDIA.NS) is preparing an initial public offering for its subsidiary South Eastern Coalfields Ltd. to raise as much as $800 million. Coal India is expected to sell shares in the proposed offering.

JSW One Platforms filed draft IPO papers, seeking to raise up to ₹3,054 crore ($318.27 million). JSW Steel and JSW Cement plan to offload shares worth about ₹934 crore (~$97M), while Mitsui & Co plans to sell shares worth about 8.20 billion rupees. The company plans to issue about ₹1,300 crore (~$136M) in new shares, with proceeds to be invested in its units and platform development. JM Financial, Kotak Mahindra Capital, ICICI Securities, SBI Capital Markets and PL Capital Markets are managing the IPO.

The National Company Law Appellate Tribunal (NCLAT) stayed an order admitting Polycab India Limited (POLYCAB.NS) into a corporate insolvency resolution process (CIRP).

TV Vision Limited (TVVISION.NS) has invited expressions of interest for its corporate insolvency resolution process (Form G).

The Committee of Creditors for Teerth Gopicon Limited (TGL.NS) approved seven of 12 resolutions and rejected five following an e-voting window that closed 08.10.2026.

Compuage Infocom Limited (COMPINFO.NS) remains in CIRP.

The Committee of Creditors rejected resolutions to appoint new Resolution Professionals for Astron Paper & Board Mill Limited (ASTRON.NS).

Future Consumer Limited (FCONSUMER.NS) extended the deadline for prospective buyers to submit Expressions of Interest to resolve its insolvency.

Bombay Rayon Fashions Ltd (BRFL.NS) was ordered into liquidation on November 9, 2023, with Rs 7,358.95 crore of creditor claims.

The Hi-Tech Gears Limited (HITECHGEAR.NS) disclosed on October 6, 2026 that the NCLAT, New Delhi could not hear the appeal involving Happy Forgings on October 5 for lack of time and directed that the interim stay on the…

The Hi-Tech Gears Limited (HITECHGEAR.NS) is currently subject to a Corporate Insolvency Resolution Process (CIRP) that remains paused.

Osia Hyper Retail Limited (OSIAHYPER.NS) has formally invited expressions of interest from potential buyers as part of its Corporate Insolvency Resolution Process (Form G).

Shrenik Limited (SHRENIK.NS) filed a post-facto update on October 3, 2026, concerning its second Committee of Creditors meeting during an existing CIRP.

Reliance Communications Limited (RCOM.NS), in a corporate insolvency resolution process since June 28, 2019 under an NCLT Mumbai order dated June 21, 2019, notified the exchanges on October 5, 2026 that the 77th meeting…

Goblin India approved a rights issue of shares for up to 315 million rupees.

Continental Controls Limited will issue 1,96,68,019 Rights Equity Shares of Rs.10 face value each, aggregating Rs.

Evonile Pharma Ltd (500672.BO) approved raising Rs 900 crore (~$93M) through a rights issue.

Board approved a rights issue of fully paid-up equity shares for an amount not exceeding ₹30 crore (~$3.1M).

Century Extrusions Limited: Rights Issue Committee approved extending the closing date from 14 October 2026 to 21 October 2026.

Shivam Autotech Limited (SHIVAMAUTO.NS) announced ISIN INE637H20024 for rights entitlements to be credited through NSDL and CDSL.

Magnus Steel & Infra (MAGNUS.BO) received in-principle approval from the BSE to conduct a rights issue of fully paid-up equity shares.

Ola Electric Mobility Limited (OLAELEC.NS) approved a rights issue of 370,272,665 partly paid shares at ₹27 each, raising approximately ₹10 billion if fully subscribed and all call monies are paid.

Padam Cotton Yarns Limited (PADAMCO.BO) will hold a board meeting on October 9, 2026, to consider a Draft Letter of Offer for a rights issue.

Natco Pharma Limited (NATCO) is conducting a rights issue to raise more than Rs 12.8 billion (~$133M).

Ola Electric board approved a rights issue of partly paid-up equity shares to raise up to Rs 1,000 crore (~$104M) on 28 September.

PC Jeweller Limited (PCJEWELLER.NS) completed formalities relating to clearance of its outstanding debt with a consortium of 14 banks, as confirmed in an October 8, 2026 disclosure.

BGR Energy Systems signed an agreement with National Asset Reconstruction Company (NARCL) on October 5, 2026.

BGR Energy Systems (532930.BO) signed a debt restructuring proposal with India Debt Resolution Company Limited on behalf of NARCL.

VRL Logistics Limited (VRLLOG.NS) will buy back 8.8 million shares at ₹320 per share in cash, totaling ₹28,000 lakhs (~$29M) (special resolution).

Vedanta Ltd fixed 14 October as the record date for its first interim dividend for FY27.

Cybertech Systems & Software Limited shareholders passed all four ordinary resolutions at the 31st AGM on 28 September 2026, including the final FY2026 dividend of INR4 per share.

Geetanjali Trading and Investments Private Limited is seeking to delist Hitech Corporation Limited (HITECHCORP.NS) from BSE and NSE through reverse book-building.

The Supreme Court of India disposed of Fortis Healthcare's (FORTIS.NS) special leave petition challenging a Delhi High Court order dated August 31, 2026 for a forensic audit of the company, allowing the audit to proceed.

Tata Trusts has legally challenged the reappointment of N Chandrasekaran to the Tata Sons board, claiming the resolution was not validly passed and is void ab initio (governance dispute legal challenge). Tata Trusts has appointed senior advocate Abhishek Singhvi and is weighing proceedings before the National Company Law Tribunal regarding the September 17 reappointment. Tata Group stocks lost nearly $4 billion in a single session on September 18. The dispute introduces governance uncertainty over Chandrasekaran's tenure and the future of Tata Sons' listing, affecting the control and oversight of Tata Consultancy Services Limited (TCS.NS) and other Tata Group listed companies.