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Transaction 1 – Mindspace REIT Announces Acquisition of Pramaan Properties

Mindspace Business Parks REIT (NSEI:MINDSPACE) entered into a Share Purchase Agreement to acquire Pramaan Properties Private Limited from a group of shareholders for INR 21.7 billion on November 28, 2025. The consideration consists of 30.86 million units of Mindspace Business Parks REIT to be issued for common equity of Pramaan Properties Private Limited. As part of consideration, INR 21.72 billion is paid towards common equity of Pramaan Properties Private Limited. In a related transaction, Mindspace Business Parks REIT is acquiring Sundew Real Estate Private Limited.

The transaction is subject to approval by regulatory board / committee, approval of offer by acquirer shareholders, approval of offer by acquirer board, consummation of due diligence investigation and subject to statutory approval. The deal has been approved by the board of Mindspace Business Parks REIT.

Deloitte acted as financial and tax due diligence provider for Mindspace Business Parks REIT. Envint acted as ESG due diligence provider for Mindspace Business Parks REIT. Shardul Amarchand Mangaldas & Co acted as legal due diligence provider for Mindspace Business Parks REIT. Savills and Quantum acted as technical due diligence provider for Mindspace Business Parks REIT. Khaitan & Co. and Veritas Legal acted as title due diligence provider for Mindspace Business Parks REIT. MMJC acted as due diligence provider for Mindspace Business Parks REIT.

Transaction 2 – IndoSpace Acquires Six Industrial and Logistics Parks

IndoSpace Development Management Private Limited acquired six industrial and logistics parks on November 25, 2025. CPP Investments will commit INR 14 billion (C$217 million) to fund the acquisition.

Transaction 3 - Tata Steel to Acquire Remaining Stake in Tata BlueScope Steel

Tata Steel Downstream Products Limited agreed to acquire remaining 50% stake in Tata BlueScope Steel Limited from Bluescope Steel Asia Holdings Pty. Ltd. for INR 11.0 billion on November 12, 2025. A cash consideration of INR 11 billion will be paid by Tata Steel Downstream Products Limited. On consummation of the above transaction, Tata BlueScope Steel will become an indirect wholly owned subsidiary of Tata Steel.

The transaction is subject to customary conditions precedent, approvals from regulatory authorities including the Competition Commission of India and other stakeholders. The deal has been approved by the board of Tata Steel Limited. The transaction is expected to be completed within a period of 3-4 months.

Transaction 4 - Eris Lifesciences to Fully Acquire Swiss Parenterals

Eris Lifesciences Limited (NSEI:ERIS) agreed to acquire remaining 30% stake in Swiss Parenterals Limited from Naishadh Shah for INR 3.8 billion on November 24, 2025. The acquisition of 30% stake in Swiss by Eris Lifesciences from Naishadh Shah is proposed to be undertaken for a total purchase consideration of INR 423,30,00,000, which will be discharged by the Company by way of issuance of up to 23,06,372 equity shares, representing a 1.69% stake of Eris Lifesciences on a preferential basis to Naishadh Shah. Upon completion, Eris Lifesciences Limited will own 100% stake in Swiss Parenterals Limited.

For the period ending March 31, 2025, Swiss Parenterals Limited reported total revenue of INR 35.11 million.

The transaction is subject to approval of offer by acquirer board. The deal has been approved by the board. The proposed transaction is expected to complete tentatively prior to March 31, 2026.

Transaction 5 - Nuvoco Vistas to Acquire Vadraj Energy

Nuvoco Vistas Corporation Limited (NSEI:NUVOCO) signed a letter of intent to acquire Vadraj Energy (Gujarat) Limited from JSW Cement Limited (NSEI:JSWCEMENT) and Alpha Alternatives Holdings Private Limited on November 3, 2025. Nuvoco Vistas Corporation Limited signed Securities Purchase Agreement to acquire Vadraj Energy (Gujarat) Limited from JSW Cement Limited and Alpha Alternatives Holdings Private Limited for INR 2 billion on November 17, 2025. From the consideration, JSW Cement Limited will received approximately INR 1.9 billion and Alpha Alternatives Holdings Private limited would receive 83.6 million. The transaction is subject to approval of offer by Nuvoco Vistas board. The deal has been approved by the board.

The transaction is subject to and approved by National Company Law Tribunal. The transaction shall be closed within 10 days from the date of completion of all the condition precedents entailed in the agreement.

Kosha Thaker of Trilegal acted as legal advisor to JSW Cement Limited.

Transaction 6 - Excellence Creative to Acquire 25% Stake in Pro Fin Capital

Excellence Creative Limited signed a letter of intent to acquire 25% stake in Pro Fin Capital Services Ltd. (BSE:511557) for INR 1.6 billion on November 13, 2025. A cash consideration valued at INR 22 per share will be paid by Excellence Creative Limited. The transaction is subject to approval of merger agreement by target board and consummation of due diligence investigation.

Transaction 7 - Navi Finserv to Acquire Navi Payments

Navi Finserv Limited agreed to acquire Navi Payments Private Limited for INR 1.4 billion on November 24, 2025. A cash consideration of INR 1.42 billion will be paid by Navi Finserv Limited. As part of consideration, INR 1.42 billion is paid towards common equity of Navi Payments Private Limited. The transaction is subject to approval of offer by acquirer board. The deal has been approved by the board.

Transaction 8 - Cipla to Acquire Inzpera Healthsciences

Cipla Limited (NSEI:CIPLA) agreed to acquire Inzpera Healthsciences Limited for INR 1.11 billion on November 3, 2025. After accounting for necessary working capital adjustments, the purchase consideration has been determined to be INR 1.11 billion for acquisition of equity shares and non-convertible redeemable preference shares, representing 100% of Inzpera’s shareholding. The final consideration remains subject to adjustments on the closing date. The final consideration remains subject to adjustments on the closing date. For the period ending March 31, 2025, Inzpera Healthsciences Limited reported total revenue of INR 26.75 million. The acquisition is expected to be completed within one month from the date of the signing of the transaction documents or by such other timelines as maybe mutually agreed between the parties.

Transaction 9 - BirlaNu to Acquire Clean Coats

BirlaNu Limited (NSEI:BIRLANU) signed share purchase agreement to acquire Clean Coats Private Limited from Hariharasubramanian Shankar, Rajlakshmi Shankar Iyer and Mahesh Salvi for INR 1.1 billion on November 7, 2025. A cash consideration of INR 1.1 billion will be paid by BirlaNu Limited. The acquisition is done on a cash free and debt free basis, subject to net working capital and other adjustments. Upon completion, Clean Coats will become a wholly owned subsidiary of BirlaNu. Board of BirlaNu Limited approved the acquisition.

For the period ending March 31, 2025, Clean Coats Private Limited reported total revenue of INR 519.7 million. Singhi Advisors acted as financial advisor of the transaction.

The expected completion of the transaction is November 30, 2025.

Transaction 10 - Bijoy Hans to Acquire Health Secure Hospital Care & Related Entities

Bijoy Hans Limited (BSE:524723) entered into a Share Purchase Agreement to acquire Health Secure Hospital Care & Solutions Private Limited from group of shareholders for approximately INR 840 million on November 4, 2025. As part of acquisition, Bijoy Hans Limited will acquire 100% stake in Health Secure Hospital Care & Solutions Private Limited. Initially, Bijoy Hans Limited will acquire 0.7 million shares or approximately 66% stake in Health Secure Hospital Care & Solutions Private Limited through the issue of 15.5 million shares in Bijoy Hans Limited and the remaining 34% stake through the payment of INR 100 million in cash. In a separate transactions, Bijoy Hans Limited entered into a Share Purchase Agreement to acquire Arvaya Health and Wellness Private Limited and Tec-Pool Solutions Private Limited. For the period ending March 31, 2025, Health Secure Hospital Care & Solutions Private Limited reported total revenue of INR 13.72 million and net loss of INR 0.04 million.

The transaction is subject to customary conditions such as receipt of shareholders’ approval and other regulatory approvals. The deal has been approved by the board of directors of Bijoy Hans Limited. The transaction is expected to close within 12 months.

Transaction 11 - Inox Neo Energies to Acquire Isharays Energy Private Limited from SunSource Energy Private Limited

Inox Neo Energies acquired Isharays Energy Private Limited from SunSource Energy Private Limited on October 16, 2025.

For the period ending October 16, 2025, Isharays Energy Private Limited reported EBIT of INR 77 million and net income of INR 12 million.

Transaction 12 - GTT Data Solutions to Acquire Antworks Solutions

GTT Data Solutions Limited (BSE:530457) signed a letter of intent to acquire Antworks Solutions India Private Limited for INR 700 million on November 6, 2025. The consideration consists of common equity of GTT Data Solutions Limited having a value of INR 700 million to be issued for common equity of Antworks Solutions India Private Limited. As part of consideration, INR 700 million is paid towards common equity of Antworks Solutions India Private Limited.

The stock swap arrangement is subject to execution of share purchase agreement and fulfilment of conditions therein, if any and subject to obtaining necessary approvals of shareholders, regulators, statutory body and acquirer board under the applicable laws, if any. The Board of Directors have accorded their approval and authorized Merger & Acquisition Committee to determine the number of equity shares to be issued, relevant date, issue price, identification of proposed allottee(s) and to issue notice to the shareholders for obtaining their approvals for preferential issue in accordance with the provisions of SEBI. The expected completion of the transaction is on or before March 31, 2026, or extended date as may be mutually decided between the parties.

Transaction 13 - Altis and GKS to Acquire Remaining Stake in Tulive Developers

Altis Properties Private Limited and GKS Technology Park Private Limited made an offer to acquire remaining 27.9% stake in Tulive Developers Limited (BSE:505285) for approximately INR 450 million on November 10, 2025. The consideration consist of INR 750 per share. Altis Properties Private Limited and GKS Technology Park Private Limited collectively holds 72.1% stake. A cash consideration will be paid by Altis Properties Private Limited and GKS Technology Park Private Limited. Financial arrangements have been made to fulfil the payment obligation of offer.

The transaction is subject to approval by regulatory board / committee, approval of merger agreement by target board, approval of offer by target shareholders and consummation of due diligence investigation. Saffron Capital Advisors Private Limited acted as manager to the offer.

Transaction 14 - Mufin Green Finance to Acquire Stake in Bimapay Finsure

Mufin Green Finance Limited (BSE:542774) agreed to acquire 19.16% stake in Bimapay Finsure Private Limited from Hanut Mehta and Mohit Gupta for approximately INR 410 million on November 6, 2025. The consideration consists of common equity of Mufin Green Finance Limited having a value of INR 413.27 million to be issued for common equity of Bimapay Finsure Private Limited. As part of consideration, INR 413.27 million is paid towards common equity of Bimapay Finsure Private Limited. For the period ending March 31, 2025, Bimapay Finsure Private Limited reported total revenue of INR 32.17 million. The transaction is subject to approval by regulatory board / committee. The deal has been approved by the Mufin Green Finance board. The transaction is expected to complete in next 3-4 months.

Transaction 15 - Windsor Machines to Acquire Unitech Workholding Systems

Windsor Machines Limited (BSE:522029) entered into an share purchase agreement to acquire Unitech Workholding Systems Private Limited from Manishbhai Savjibhai Pipaliya, Rohitkumar Jamanbhai Donga, Punitkumar Dhirajlal Koradia, Chetan Bachubhai Makwana and Karsan Arjan Maliya for INR 420 million on November 8, 2025. A cash consideration of INR 170 million will be paid by Windsor Machines Limited. As part of consideration, INR 170 million is paid towards common equity of Unitech Workholding Systems Private Limited.

For the period ending March 31, 2025, Unitech Workholding Systems Private Limited reported total revenue of INR 152.02 million. As of March 31, 2025, Unitech Workholding Systems Private Limited reported total common equity of INR 35.5 million.

The transaction is subject to approval of acquirer shareholder approvals. The issue and allotment of equity shares to the Allottees shall be subject to the receipt of necessary approvals from the statutory authorities, and the Stock Exchanges, etc. The transaction has been approved by acquirer board. Tentative time period for completion of the acquisition is 6 months.

Transaction 16 - Gulf Oil to Increase Stake in Tirex Transmission

Gulf Oil Lubricants India Limited (NSEI:GULFOILLUB) agreed to acquire an additional 14.18% stake in Tirex Transmission Private Limited for INR 380 million on November 5, 2025. A cash consideration valued at INR 325 per share will be paid by Gulf Oil Lubricants India Limited for 1,171,929 equity shares. Upon completion, Gulf Oil Lubricants India Limited will own 65.18% stake in Tirex Transmission Private Limited.

For the period ending March 31, 2025, Tirex Transmission Private Limited reported total revenue of INR 787.09 million.

The transaction has been approved by the board of Gulf Oil Lubricants India Limited. The expected completion of the transaction is in approximately 2-3 months.

Transaction 17 - Entero Healthcare to Acquire Bioaide Technologies

Entero Healthcare Solutions Limited (NSEI:ENTERO) executed a definitive agreement to acquire 80% stake in Bioaide Technologies Private Limited for approximately INR 360 million on November 12, 2025. A cash consideration of INR 360 million will be paid by Entero Healthcare Solutions Limited. As part of consideration, INR 360 million is paid towards common equity of Bioaide Technologies Private Limited. The cost of acquisition will range between INR 311.3 million and INR 360 million, subject to adjustments. In a related transaction, Entero Healthcare Solutions Limited is acquiring 51% stake in Anand Chemiceutics Private Limited.

For the period ending March 31, 2025, Bioaide Technologies Private Limited reported total revenue of INR 557.82 million.

The transaction is subject to approval of offer by acquirer board. The deal has been approved by the board of Entero Healthcare Solutions Limited. The expected completion of the transaction is by February 15, 2026.

Transaction 18 - Sundaram Alternate Assets to Acquire Capitalgate Investment Advisors

Sundaram Alternate Assets Limited granted an in-principle approval to acquire Capitalgate Investment Advisors Private Limited for INR 350 million on November 3, 2025. A cash consideration of INR 350 million will be paid by Sundaram Alternate Assets Limited. As part of consideration, INR 350 million is paid towards common equity of Capitalgate Investment Advisors Private Limited.

The transaction is subject to necessary regulatory approvals. The transaction is subject to approval of offer by Sundaram Alternate board. The deal has been approved by the board. The transaction is expected to completed within 1 month.

Transaction 19 - GlobalBees Brands Increases Stake in DF Pharmacy

GlobalBees Brands Pvt Ltd acquired an additional 20% stake in DF Pharmacy Ltd for approximately INR 220 million on November 21, 2025. A cash consideration of INR 215.6 million will be paid by GlobalBees Brands Pvt Ltd. Following the acquisition, the shareholding of Globalbees has been increased from 60% to 80% in DF Pharmacy Ltd.

For the period ending March 31, 2025, DF Pharmacy Ltd reported total revenue of INR 209.7 million. As of March 31, 2025, DF Pharmacy Ltd reported total common equity of INR 668.3 million.

Transaction 20 - Drivestream to Acquire Minority Stake in Drivestream India

Drivestream, Inc. signed an agreement to acquire an unknown minority stake in Drivestream India Private Limited from Wipro Limited (BSE:507685) for INR 180 million on November 3, 2025. Wipro Limited has signed an agreement to transfer its entire holding in Drivestream India Private Limited, as part of a restructuring plan. This transaction involves transfer of 100 equity shares and 2,67,500 optionally convertible preference shares, which are in the process of being converted into equity shares, resulting in a total of 3,50,776 equity shares after conversion.

For the period ending March 31, 2025, Drivestream India Private Limited reported total revenue of INR 588 million. As of March 31, 2025, Drivestream India Private Limited reported total common equity of INR 406.2 million.

The expected completion of the transaction is December 31, 2025.

Transaction 21 - Prilika and Avb Endeavors to Acquire 50% Stake in Shashank Traders

Prilika Enterprises Private Limited, Avb Endeavors Private Limited and Aditya Vikram Birla proposed to acquire 50% stake in Shashank Traders Limited (BSE:540221) for INR 46.4 million on November 7, 2025. A cash consideration valued at INR 30 per share will be paid by Prilika Enterprises Private Limited and Avb Endeavors Private Limited. The acquirers undertake that they are aware of and shall comply with the obligations under the SEBI SAST Regulations and that they have adequate financial resources to meet the obligations under this Open Offer. The Acquirers have confirmed that they had made firm financial arrangements for financing the acquisition of the Offer Shares. As of November 14, 2025, the deal is expected to close on January 14, 2026.

Akash Das of Narnolia Financial Services Limited acted as manager to the offer for Prilika Enterprises Private Limited and Avb Endeavors Private Limited and Aditya Vikram Birla. MAS Services Limited acted as a registrar to Shashank Traders Limited.

Transaction 22 - Satyapoorna Chander Yalamanchili to Acquire Stake in Silly Monks Entertainment

Satyapoorna Chander Yalamanchili proposed to acquire 26% stake in Silly Monks Entertainment Limited (NSEI:SILLYMONKS) for INR 66.5 million on November 3, 2025. As part of acquisition, 35,96,000 shares will be acquired for INR 18.5 per shares. In related transaction, Satyapoorna Chander Yalamanchili entered into Share purchase agreement to acquire 29.61% stake from group of sellers that triggered tender offer.

Tender offer period will commence on December 26, 2025, and expires on January 8, 2026.

Transaction 23 - Satyapoorna Chander Yalamanchili to Gain Majority Stake in Silly Monks Entertainment

Satyapoorna Chander Yalamanchili entered into a Share Purchase Agreement to acquire 32.88% stake in Silly Monks Entertainment Limited (NSEI:SILLYMONKS) from a group of shareholders for INR 61.4 million on November 3, 2025. A cash consideration of INR 61.41 million valued at INR 15 per share will be paid by Satyapoorna Chander Yalamanchili. As part of consideration, INR 61.41 million is paid towards common equity of Silly Monks Entertainment Limited. In related transactions, Satyapoorna Chander Yalamanchili is acquiring stake in Silly Monks Entertainment Limited through a tender offer and subscription. Upon completion of the transactions, Satyapoorna Chander Yalamanchili will hold 73.39% stake in Silly Monks Entertainment Limited.

Transaction 24 - Anlon Healthcare to Acquire Majority Stake in Bizotic Lifescience

Anlon Healthcare Limited (NSEI:AHCL) entered into a share purchase agreement to acquire 56.67% stake in Bizotic Lifescience Private Limited for INR 38 million on November 28, 2025. A cash consideration valued at INR 14.89 per share will be paid by Anlon Healthcare Limited. As part of consideration, an undisclosed value is paid towards common equity of Bizotic Lifescience Private Limited. Upon completion of such acquisition, Bizotic Lifescience will become Subsidiary of Anlon Healthcare.

For the period ending March 31, 2025, Bizotic Lifescience Private Limited reported total revenue of INR 303.82 million.

The proposed acquisition is subject to completion of certain customary closing conditions under the SPA and is expected to be completed within 3 months from the date of signing of the SPA or by such other timelines as may be mutually agreed between the parties.

Transaction 25 - Kalpesh and Vandana Patel to Acquire Stake in Western Ministil

Kalpesh Naginbhai Patel and Vandana Patel proposed to acquire 26% stake in Western Ministil Limited (BSE:504998) for INR 33.8 million on November 26, 2025. A cash consideration valued at INR 10 per share will be paid by Kalpesh Naginbhai Patel and Vandana Patel. In related transaction, Western Ministil is issuing a 61,57,186 shares of the of INR 10 each of the Western Ministil being the capital post allotment of 4,000,000 equity shares are proposed to be allotted to others public category investors on preferential basis to Kalpesh Naginbhai Patel, Vandana Patel, Abhishek Kumar Upadhyay, Bansraj Gond, Mrityunjay Kumar Rai, Brand Avenue Media Private Limited, Himanshu Shah, Vijay Valjibhai Thakkar, Sheetal Jethaji Solanki, Vreha Nehal Choksi, Jash Vijay Thakkar and Dinesh Muddu Kotian. Western Ministil is issuing a 3,500,000 million Equity Shares, representing 56.84% of Emerging Equity & Voting Share Capital and 4,500,000 million convertible warrants to Kalpesh Naginbhai Patel and Vandana Patel. Kalpesh Naginbhai Patel and Vandana Patel have adequate financial resources to meet the Offer obligations.

Navigant Corporate Advisors Limited is the manager of Kalpesh Naginbhai Patel and Vandana Patel in the offer.

Transaction 26 - Rajesh Ghosh and Dorni Vinimoy to Acquire Stake in Harmony Capital Services

Rajesh Ghosh and Dorni Vinimoy Private Limited proposed to acquire 26% stake in Harmony Capital Services Limited (BSE:530055) for INR 31.5 million on November 20, 2025. A cash consideration valued at INR 10 per share will be paid by Dorni Vinimoy Private Limited. Following the completion acquirers will hold a significant minority stake and become promoters of Harmony Capital Services Limited.

The offer is subject to statutory approval.

Bonanza Portfolio Limited acted as manager for Rajesh Ghosh and Dorni Vinimoy Private Limited.

Transaction 27 - State Bank of India to Acquire Stake in Careedge Global Ifsc

State Bank of India (NSEI:SBIN) signed Non-Binding Term Sheet to acquire 9.9% stake in Careedge Global Ifsc Limited for INR 29.7 million on November 12, 2025. A cash consideration valued at INR 10 per share will be paid by State Bank India for 2.97 million shares.

As of March 31, 2025, Careedge Global Ifsc Limited reported total common equity of INR 260.66 million.

Transaction 28 - Nipun and Bhaumik Bhagat to Acquire Bhagat Marketing

Nipun Anantlal Bhagat and Bhaumik Dipak Bhagat agreed to acquire Bhagat Marketing Private Limited from Sai Swami Metals and Alloys Limited (BSE:544170) for INR 29.6 million on November 17, 2025. A cash consideration of INR 29.62 million will be paid by the Nipun Anantlal Bhagat and Bhaumik Dipak Bhagat. As part of consideration, INR 29.62 million is paid towards common equity of Bhagat Marketing Private Limited. Upon completion, Nipun Anantlal Bhagat will hold 80% stake while Bhaumik Dipak Bhagat will hold 20% stake in Bhagat Marketing Private Limited.

For the period ending March 31, 2025, Bhagat Marketing Private Limited reported total revenue of INR 301.99 million. As of March 31, 2025, Bhagat Marketing Private Limited reported total common equity of INR 254.67 million.

The transaction is subject to approval by regulatory board / committee, approval of merger agreement by the board and shareholders of Sai Swami Metals and Alloys Limited. The deal has been approved by the board of Sai Swami Metals and Alloys Limited. The expected completion of the transaction is December 31, 2025.

Transaction 29 - Aditya Vikram Birla and Partners to Acquire Stake in Shashank Traders

Aditya Vikram Birla, Prilika Enterprises Private Limited and Avb Endeavors Private Limited entered into a Share Purchase Agreement to acquire 26.65% stake in Shashank Traders Limited (BSE:540221) from Praveen Jaswant Rai Jai for INR 24.7 million on November 7, 2025. Acquirers entered into a Share Purchase Agreement (SPA) with Praveen Jaswant Rai Jain to acquire 824,600 equity shares, representing 26.65% of the total paid-up equity and voting share capital of Shashank Traders Limited. The shares are being purchased at a price of INR 30 per share, contingent upon the fulfillment of conditions specified in the SPA. This acquisition will result in the Acquirers exceeding the threshold limit, prompting the need for an Open Offer.

Transaction 30 - Sanjeev Kumar Jain and Marwar Portfolio to Acquire Valens Technologies

Sanjeev Kumar Jain and Marwar Portfolio Pvt Ltd agreed to acquire Valens Technologies Private Limited from Paramount Communications Limited (BSE:530555) for INR 20.6 million on November 6, 2025. A cash consideration of INR 20.56 million will be paid by Marwar Portfolio Pvt Ltd. As part of consideration, INR 20.56 million is paid towards common equity of Valens Technologies Private Limited.

For the period ending March 31, 2025, Valens Technologies Private Limited reported total revenue of INR 208.41 million. As of March 31, 2025, Valens Technologies Private Limited reported total common equity of INR 24.73 million.

The expected completion of the transaction is November 15, 2025.

Transaction 31 - Lumax Industries to Acquire Stake in Powerpulse Trading Solutions

Lumax Industries Limited (BSE:517206) agreed to acquire 26% stake in Powerpulse Trading Solutions Limited from Adani Energy Solutions Limited (NSEI:ADANIENSOL) for INR 16.1 million on November 7, 2025. A cash consideration of INR 16.1 million will be paid by Lumax Industries Limited.

For the period ending March 31, 2025, Powerpulse Trading Solutions Limited reported total revenue of INR 119.89 million and net income of INR 119.02 million. As of March 31, 2025, Powerpulse Trading Solutions Limited reported total common equity of INR 918.54 million.

The deal has been approved by the board of directors of Lumax Industries Limited. The expected completion of the transaction is within 3 Months.

Transaction 32 - B&B Triplewall Containers to Acquire Stake in Sharvesh Power Projects

B&B Triplewall Containers Limited (NSEI:BBTCL) agreed to acquire 27% stake in Sharvesh Power Projects Private Limited for INR 1.35 million on November 14, 2025. A cash consideration of INR 1.35 million will be paid by B&B Triplewall Containers Limited. As part of consideration, INR 1.35 million is paid towards common equity of Sharvesh Power Projects Private Limited.

For the period ending March 31, 2025, Sharvesh Power Projects Private Limited reported total revenue of INR 9.84 million. The transaction is subject to approval of offer by B&B Triplewall Containers board.

The deal has been approved by the board. The transaction is expected to be completed in 60 Days.

Transaction 33 - Sundaram-Clayton Acquires Stake in Navia Two Power

Sundaram-Clayton Limited (NSEI:SUNCLAY) acquired 11.63% stake in Navia Two Power Private Limited for INR 0.12 million on November 27, 2025. A cash consideration of INR 0.12 million will be paid by Sundaram-Clayton Limited.

Transaction 34 - TVS Srichakra Acquires Stake in Navia Two Power

TVS Srichakra Limited (BSE:509243) agreed to acquire 5.92% stake in Navia Two Power Private Limited for INR 0.06 million on November 27, 2025.

The expected closing date of transaction November 27, 2025.

Transaction 35 - Kundan Minerals and Metals to Fully Acquire Kundan Gold Mines

Kundan Minerals and Metals Limited agreed to acquire remaining 51% stake in Kundan Gold Mines Private Limited for INR 0.05 million on November 6, 2025. A cash consideration valued at INR 10.04 per share will be paid by Kundan Minerals and Metals Limited. As part of consideration, 5,100 shares will be acquired. Upon completion, Kundan Minerals and Metals Limited will own 100% stake in Kundan Gold Mines Private Limited.

The deal has been approved by the Kundan Minerals and Metals board. The transaction is expected to complete within one month.

Transaction 36 - Ashwin C. Shroff Acquires Stake in Mobitrash Recycle Ventures

Ashwin C. Shroff acquired 19.99% stake in Mobitrash Recycle Ventures Private Limited from Excel Bio Resources Limited and Kamaljyot Investments Limited for INR 0.04 million on November 21, 2025. A cash consideration of INR 0.04 million will be paid by the buyer. As part of consideration, INR 0.04 million is paid towards common equity of Mobitrash Recycle Ventures Private Limited. Kamaljyot Investments Limited and Excel Bio Resources Limited have each received a consideration of INR 0.019 million from Ashwin C. Shroff.

For the period ending December 31, 2024, Mobitrash Recycle Ventures Private Limited reported total revenue of INR 41.84 million. As of December 31, 2024, Mobitrash Recycle Ventures Private Limited reported net liabilities of INR 14.39 million.