Madhav Marbles and Granites Limited has informed the Exchange regarding Outcome of Board Meeting held on March 25, 2026.
MADHAV · price
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Madhav Marbles and Granites' Board has approved buying an additional 18.01% stake in its subsidiary Madhav Natural Stone Surfaces Private Limited (MNSSPL), raising its holding from 81.99% to 100% and making it a wholly owned subsidiary. MNSSPL was originally set up in 2018 for an engineered stone manufacturing unit in Udaipur that never took off, with zero turnover in the last three years. The company now plans to use the subsidiary as a dedicated vehicle to enter the real estate business, leveraging the land already owned by MNSSPL. The deal is a related party transaction (promoters Mr. Madhav Doshi and Mrs. Riddhima Doshi are also directors in the subsidiary), will be done in cash, and the price will be based on valuation. Audit Committee approval has already been obtained.
This is an internal consolidation with limited immediate financial impact since the subsidiary has had no revenue. However, it signals a strategic pivot from the failed engineered stone project toward a real estate foray — a new direction shareholders should track closely for execution progress and any future capital requirements.