Please find outcome of board meeting.
Awaiting price reaction for this filing.
Shah Foods Limited has completed the 100% acquisition of Tandhan Power Technologies Private Limited (TPTPL), a Kolkata-based power storage and battery solutions company with FY24-25 turnover of Rs. 144.35 crore. The deal was done entirely through a share swap — Shah Foods allotted 1,58,85,037 equity shares at Rs. 62.50 per share to TPTPL's shareholders, totalling roughly Rs. 99.28 crore in consideration. The TPTPL shareholders (Ankit Jalan, Anuj Jalan and their group) have also triggered the mandatory open offer under SEBI takeover rules and will become the new promoters of Shah Foods after the open offer process is completed. Separately, the company raised about Rs. 75.16 crore in cash by allotting 68,32,463 fresh shares at Rs. 110 per share to around 69 non-promoter investors on a preferential basis.
This is a transformative deal for shareholders — Shah Foods is changing its core business identity, moving from a food company to one dominated by power storage and battery solutions under new promoters. The share swap will significantly dilute existing shareholders, and the mandatory open offer at likely below-market price could pressure the stock. The cash preferential allotment at Rs. 110/share acts as a near-term price reference, though the simultaneous change of control and business pivot introduces notable uncertainty.