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Sylph Technologies Limited has acquired a 65% stake in Maxrotth Foods Limited, making it a subsidiary of the company. The acquisition involved purchasing 8,35,000 shares at ₹18 per share from sellers on June 10, 2025, followed by a fresh allotment of 11,42,000 equity shares (₹10 face value at ₹8 premium) by Maxrotth Foods on August 1, 2025. Total cash consideration paid is ₹2.06 crores. Maxrotth Foods is engaged in the export of pulses, spices, wholesale grocery and FMCG products, with a turnover of ₹941.69 lakhs and profit after tax of ₹62.41 lakhs as of March 31, 2025. The transaction is a related party deal since the company's director holds 4,25,000 shares in the target, but has been carried out at arm's length.
This acquisition diversifies Sylph Technologies into the food and FMCG export business and adds a subsidiary with meaningful revenue and profits to the consolidated books. Shareholders should note the acquisition is small (₹2.06 crore) relative to the target's turnover, and the related-party nature warrants monitoring of future dealings.