The Board of Directors approved the appointment of Mr. Shrenik Rajiv Karnawat as Chief Financial Officer (CFO) of the company.
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The board approved multiple major items in a single meeting. Mr. Shrenik Rajiv Karnawat was appointed as CFO, Mr. Sunil Kumar Shahi was re-designated from Executive Director to Managing Director and Chairman, and Mr. Ayush Munnalal Sharma was inducted as an Additional Independent Director. Authorised share capital was revised upwards from Rs. 6 crore to Rs. 46 crore. The board approved two large share-swap acquisitions: 100% of SNA Milk and Milk Products Limited (dairy and ice-cream maker, FY24 turnover ~Rs. 33.7 crore) for ~Rs. 305.8 crore, and 100% of DFSU Farmer Connect Private Limited (ice cream and snacks, newly incorporated in Aug 2025) for ~Rs. 247 crore — together worth about Rs. 552.8 crore. Consideration will be discharged by issuing 3.21 crore new equity shares at Rs. 135 each (face value Rs. 10, premium Rs. 125), along with 3% CCPS and 5% CCDs on a preferential basis. The company is also altering its objects clause to formally shift from logistics into the dairy and ice-cream business.
This is effectively a business transformation — the company is pivoting from logistics to dairy and ice cream through two large acquisitions paid entirely in shares, meaning heavy dilution for existing shareholders. Post-allotment promoter holding will be about 46.85% and public 53.15%. Notably, the new MD is the founder of SNA Milk (one of the targets) and brother of an existing director, making this a related-party transaction that may draw governance attention; existing investors should weigh the dilution against the strategic shift and review the shareholder approval timelines (target completion by 15 March 2026).