Please find enclosed update on Acquisition.
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Awaiting price reaction for this filing.
Soma Papers and Industries Limited (BSE: 516038) has completed the 100% acquisition of KS Smart Solutions Private Limited (KSSPL), a technology and IT solutions company, entirely through a share swap valued at ₹48.74 crores (4.87 crore equity shares at ₹10 each). KSSPL reported a standalone turnover of ₹69,655.55 lakhs in FY25, a sharp jump from ₹6,337.34 lakhs in FY23. Alongside the acquisition, the board approved large preferential allotments including 1.67 crore shares at ₹10 (cash), 4.87 crore shares at ₹20 (₹97.34 crores), and 4.86 crore convertible warrants to various non-promoter allottees, including a ₹28 crore worth of warrants to Vikasa India EIF I Fund. The acquirers (Shankar Varadharajan and Anancha Perumal Selvi Keshav) along with PACs had already triggered an open offer on 7 August 2025 under SEBI SAST Regulations, and upon its completion will be reclassified as the new promoters while existing promoters will be reclassified as public shareholders.
This is a major change-of-control and business pivot event — the listed entity is effectively shifting from paper manufacturing to IT/B2G technology services, with new promoters taking over after the open offer. Existing shareholders face significant equity dilution (over 14.8 crore new shares and warrants issued) and a complete change in promoter identity and business direction, which could lead to sharp stock price volatility.