Outcome of the Board Meeting held on 28.02.2026
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Kalind Ltd's board approved the acquisition of 100% of DBJ Multi Services Private Limited (DBJMSPL) for up to ₹310 crore, to be paid through a share swap rather than cash. The company will issue up to 2.58 crore equity shares at ₹120 each (aggregating ₹309.60 crore) to the sellers of DBJMSPL, making it a wholly owned subsidiary. To facilitate this, authorized share capital is being raised sharply from ₹122 crore to ₹1,000 crore, an over 8x increase. The board also approved raising borrowing limits and limits for loans, guarantees and investments each to ₹1,000 crore, subject to shareholder approval. On the people side, CFO Preeti R. Mistry resigned (personal reasons) and was replaced by Vijay Palsingh Gulya (qualified CA with 19+ years experience) effective March 1, 2026. Company Secretary Poonam Khemka also resigned; a new CS is yet to be appointed. New statutory auditor D G K T & CO LLP and new secretarial auditor Ms. Riddhi Shah were appointed. An EGM has been scheduled for March 27, 2026 to seek shareholder approvals.
This is a material capital event for existing shareholders. The preferential issue at ₹120 per share will dilute existing equity holders, and since the promoters of Kalind are also sellers of DBJMSPL and the largest subscribers to the new shares, this is a related-party transaction that requires shareholder approval at the upcoming EGM. The acquisition brings in a construction and infrastructure services business aligned with Kalind's existing line, but the steep expansion of authorized capital and borrowing limits (to ₹1,000 crore each) signals aggressive growth plans. Investors should watch for the EGM outcome and any post-issue shareholding disclosures.