Please find attached the proposed acquisition of SNA Milk and Milk Products Limited and DFSU Farmer Connect Private Limited in exchange of securities (share swap) of SER Industries Limited.
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The board of SER Industries (headline lists 'Desi Farms India Ltd') approved acquiring 100% of SNA Milk and Milk Products Ltd for Rs. 305.80 Cr and 100% of DFSU Farmer Connect Pvt Ltd for Rs. 247.01 Cr, both paid entirely through a share swap at Rs. 135 per share. The consideration will be discharged by issuing up to ~3.21 crore equity shares, 37.6 lakh 3% CCPS, and 50.7 lakh 5% CCDS on a preferential basis. After conversion, paid-up equity capital will rise to about Rs. 41.02 Cr, with promoter holding settling at 46.85% and public at 53.15%. The deals are related-party transactions because promoters and directors are common to both the acquirer and SNA Milk (founded by incoming MD Sunil Kumar Shahi). The company also approved a sharp jump in authorised capital from Rs. 6 Cr to Rs. 46 Cr, new borrowing/investment limits of Rs. 200 Cr and Rs. 800 Cr respectively, a new CFO, a new independent director, and re-designated Mr. Shahi as Managing Director and Chairman.
Existing shareholders face significant dilution (paid-up equity capital growing from a small base to over Rs. 41 Cr) and the company is pivoting sharply from logistics into dairy and ice-cream, with both targets becoming wholly-owned subsidiaries. The related-party nature, the very recent incorporation of DFSU (Aug 2025, no operating track record), and the small turnover of SNA (~Rs. 33.7 Cr in FY25) versus the ~Rs. 552 Cr deal size mean investors should watch valuation fairness, shareholder approval, and any open-offer or regulatory disclosures closely before the targeted 15 March 2026 completion.