Please find enclosed outcome of Board Meeting.
Awaiting price reaction for this filing.
Shah Foods Limited has completed the acquisition of 100% stake in Tandhan Power Technologies Private Limited (TPTPL), a Kolkata-based company in the power storage and battery/UPS business with FY25 standalone turnover of about Rs. 144 crore. The deal was done entirely through a share swap — Shah Foods issued 1,58,85,037 equity shares at Rs. 62.50 each, taking the total consideration to roughly Rs. 99.28 crore. Separately, the board approved a cash preferential allotment of 68,32,463 equity shares at Rs. 110 each, raising around Rs. 75.16 crore from 69 non-promoter allottees. The TPTPL sellers (the Jalan family and Jalan Sarees Pvt Ltd) will become the new promoters of Shah Foods after the open offer process is completed, effectively marking a change of control and a shift in the listed entity's core business from food to power storage solutions.
Existing Shah Foods shareholders face heavy equity dilution from both the share swap and the cash preferential allotment, and a change of promoter is imminent. An open offer will be triggered for public shareholders once the process is initiated, giving them an exit opportunity. The business profile of the listed company will change significantly — moving from a small food company to a larger power/battery business, which could re-rate the stock but also carries execution and integration risk.