Subject to approval of members and other approvals, issue of shares on preferential basis to acquire shares of DBJ Multi Services Private Limited and make it wholly owned subsidiary.
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Kalind Ltd's board approved acquiring 100% (50 lakh equity shares) of DBJ Multi Services Private Limited (DBJMSPL) by way of a share swap worth up to Rs. 310 crore. The company will issue up to 2.58 crore new equity shares at Rs. 120 each (face value Rs. 10, premium Rs. 110) to DBJMSPL's existing shareholders as consideration. DBJMSPL is in the civil construction and infrastructure services business, which is aligned with Kalind's existing operations. The deal is a related-party transaction since promoters Ayush, Dharmendrabhai and Ketnaben Jasani are both sellers of DBJMSPL and incoming allottees of Kalind shares. To support the swap and future growth, the board also raised the authorised share capital from Rs. 122 crore to Rs. 1,000 crore and increased borrowing, investment and loan limits to Rs. 1,000 crore each. Additionally, the CFO Preeti Mistry and Company Secretary Poonam Khemka resigned, with Vijay Palsingh Gulya appointed as new CFO; the statutory auditor was changed from JMMK & Co to D G K T & CO LLP, and a new secretarial auditor Riddhi Shah was appointed for 5 years.
The acquisition is done entirely through a share swap, so no cash leaves the company, but existing Kalind shareholders will see dilution of roughly 17-18% as 2.58 crore new shares are issued. The target is small (FY25 turnover ~Rs. 36 lakh), so this is more of a consolidation/structure play than a value-accretive bolt-on. Because promoters are on both sides of the deal, retail investors should watch the independent valuation and vote at the March 27, 2026 EGM carefully.