Update 1 of 2 in a matter ongoing since Procedural
M&Amerger
As filed
This is to inform you that a meeting of the Board of Directors ( Board ) of Himadri Speciality Chemical Ltd ( Company ) is scheduled to be held on Monday, 21 September 2026, inter-alia, to consider an
Why it matters
CapitSignal interpretation
The proposed demerger could create a new business arrangement involving Himadri and DBRL’s Tyre Business. The filing does not disclose the scheme terms, consideration, financial impact or ownership structure.
What happened
Fact
Himadri Speciality Chemical’s board is scheduled to meet on 21 September 2026 to consider and approve a proposed Scheme of Arrangement with Dalmia Bharat Refractories for the demerger of DBRL’s Tyre Business. The trading window will remain closed from this notice until 48 hours after the meeting outcome is disclosed.
21 September 2026Board meeting date
scheduled consideration of the proposed Scheme of Arrangement
48 hoursTrading-window closure
period after disclosure of the board-meeting outcome
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Fact
Board decision on the proposed Scheme of Arrangement
Demerger terms, including consideration and ownership structure
Financial and operational impact of the Tyre Business demerger
Apollo Pipes Limited has informed the Exchange about Acquisition of controlling interest in Mazzini Tiles LLP by a Subsidiary of the Company.
Why it matters
CapitSignal interpretation
The completed acquisition gives Apollo Pipes control of a tiles and ceramics manufacturer, expanding its building-materials presence. Mazzini’s reported turnover increased from Rs. 76.67 Crore in FY 2024-25 to Rs. 87.15 Crore in FY 2025-26.
What happened
Fact
Apollo Ceramics Limited, a subsidiary of Apollo Pipes, has completed the acquisition of a 76% stake and profit-sharing rights in Mazzini Tiles LLP for cash consideration of Rs. 40.42 Crore. Mazzini manufactures tiles and ceramic products at Morbi, Gujarat, and reported turnover of Rs. 87.15 Crore in FY 2025-26.
76%Acquired stake and profit-sharing rights
controlling interest acquired in Mazzini Tiles LLP
Rs. 40.42 CroreAcquisition cost
cash consideration
Rs. 87.15 CroreMazzini FY 2025-26 turnover
turnover for financial year ended March 31, 2026
Rs. 76.67 CroreMazzini FY 2024-25 turnover
historical turnover
Rs. 78.23 CroreMazzini FY 2023-24 turnover
historical turnover
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Fact
Financial contribution of Mazzini Tiles following consolidation
Execution of Apollo Pipes' expansion in tiles and ceramics
Post-acquisition performance of Mazzini's Morbi manufacturing facility
ACME Solar has informed the Exchange about the Scheme of Amalgamationamongst ACME Pokhran Solar Private Limited, ACME Sikar Solar Private Limited, ACME Eco Clean Energy Private Limited and ACME Solar
Why it matters
CapitSignal interpretation
The proposed internal simplification consolidates three wholly owned subsidiaries into the listed parent. As the entities are already direct or indirect wholly owned subsidiaries, the filing does not state any external acquisition economics.
What happened
Fact
ACME Solar Holdings’ board approved a scheme to amalgamate ACME Pokhran Solar, ACME Sikar Solar and ACME Eco Clean Energy into the company. The transferor companies are direct or indirect wholly owned subsidiaries of ACME Solar Holdings.
Rs. 294.86 millionACME Pokhran Solar turnover
turnover as on 31st March 2026
Rs. 1,204.22 millionACME Sikar Solar turnover
turnover as on 31st March 2026
Rs. 135.15 millionACME Eco Clean Energy turnover
turnover as on 31st March 2026
Rs. 39,109.50 millionACME Solar Holdings turnover
turnover as on 31st March 2026
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Fact
Progress of the scheme through the applicable approval process
Any subsequent disclosure of the scheme’s financial or operational effects
NDL Ventures Limited has informed the Exchange about General Updates
Why it matters
CapitSignal interpretation
The merger remains subject to the NCLT process, with the Regional Director's report due before the rescheduled final hearing. The filing does not disclose the eventual tribunal outcome or merger economics.
What happened
Fact
The NCLT heard the proposed merger of Hinduja Leyland Finance into NDL Ventures on September 18, 2026. It directed the Regional Director, Western Region, Mumbai to file its report within a week and set October 1, 2026 for final hearing and disposal.
October 01, 2026Next final hearing date
NCLT final hearing and disposal date
within a weekRegional Director report deadline
NCLT-directed filing timeline
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Fact
Regional Director (Western Region, Mumbai) report
NCLT final hearing and disposal on October 01, 2026
QMS Medical Allied Services Limited has informed the Exchange regarding a press release dated September 18, 2026, titled "QMS Medical Allied Services Completes 100% Acquisition of Saarathi Healthcare
Why it matters
CapitSignal interpretation
Full ownership enables QMS MAS to more closely integrate Saarathi’s disease-management and patient-engagement capabilities with its screening and diagnostic services. The transaction expands QMS MAS’s healthcare-services portfolio, though the filing does not quantify Saarathi’s financial contribution or expected synergies.
What happened
Fact
Mpletes full acquisition of Saarathi Healthcare.
₹14.225 croreCash consideration
consideration for the remaining 24% equity stake
24%Stake acquired
balance equity stake acquired in Saarathi Healthcare
1,98,000 sharesShares acquired
shares comprising the acquired 24% stake
100%Post-acquisition ownership
QMS MAS holding in Saarathi Healthcare after the transaction
surpassing the ₹500 crore revenue milestoneFY29 revenue target
company-stated target
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Fact
Integration of Saarathi Healthcare into QMS MAS’s services platform
Progress toward the stated FY29 revenue target of surpassing ₹500 crore
Execution of operational synergies from full ownership
The Board at its meeting held today i.e. on 18th September 2026 has considered and approved the acquisition of Purvi Gems & Jewellery (India) Private Limited.
Why it matters
CapitSignal interpretation
The deal adds a jewellery manufacturing business with provisional FY 2025-26 turnover of Rs. 103.40 crore and is intended to broaden Sky Gold's product portfolio, customer segments and market share. The company stated that the transaction is not a related-party transaction.
What happened
Fact
Sky Gold and Diamonds approved the acquisition of 100% of Purvi Gems & Jewellery (India) for cash consideration of up to Rs. 9 crore. The target manufactures lightweight uncut and precia fine jewellery, and the acquisition is expected to close on or before 30 November 2026.
Rs. 9,00,00,000Maximum acquisition consideration
cash consideration for 100% of Purvi Gems & Jewellery (India) Private Limited
100%Stake to be acquired
issued shares of the target company
Rs. 103.40 croreTarget turnover, FY 2025-26
provisional financials
Rs. 78.95 croreTarget turnover, FY 2024-25
historical turnover
Rs. 67.87 croreTarget turnover, FY 2023-24
historical turnover
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Fact
Completion of the acquisition by 30 November 2026
Final acquisition consideration, which is stated as up to Rs. 9 crore
Target's final FY 2025-26 financials, currently provisional
