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Transaction 1 – Biocon Limited to Acquire 8.5% Stake in Biocon Biologics for INR 31.7 Billion

Biocon Limited (NSEI:BIOCON) agreed to acquire 8.5% stake in Biocon Biologics Limited from Activ Pine LLP, Serum Institute Life Sciences Pvt. Ltd., Tata Capital Growth Fund II LP, managed by Tata Capital Private Equity, Viatris Inc. (NasdaqGS:VTRS) for INR 31.7 billion on December 3, 2025. Biocon Limited signed definitive agreement to acquire 8.5% stake in Biocon Biologics Limited from Activ Pine LLP, Serum Institute Life Sciences Pvt. Ltd. and Tata Capital Growth Fund II LP, managed by Tata Capital Private Equity on December 6, 2025. Under the terms of the transaction, Biocon Limited will acquire Biocon Limited will acquire the remaining stake in Biocon Biologics Limited from Serum Institute Life Sciences (Serum), Tata Capital Growth Fund II (Tata Capital) and Activ Pine LLP (Activ Pine) through a share swap of 70.28 Biocon shares for every 100 Biocon Biologics shares. Further, Biocon will acquire the residual stake held by Mylan Inc. (“Viatris”) of which 117.72 million shares will be acquired by a payment of $400 million in cash and a further 143.67 million shares will be acquired through a share swap of 61.70 Biocon shares for every 100 Biocon Biologics share.

The transaction is subject to approval by regulatory board / committee, approval of offer by Biocon Limited shareholders. Biocon Limited approved the deal. The transaction is expected to complete in Q4 FY2026.

Morgan Stanley India Company Private Limited acted as financial advisor for Biocon Limited. Shardul Amarchand Mangaldas & Co acted as legal advisor for Biocon Limited. Ernst & Young LLP acted as financial advisor and accountant for Biocon Limited. Rabindra Jhunjhunwala, Rajeev Vidhani, Krishnendu Sen, Anisha Chand, Ritu Shaktawat, Aditya Cheriyan and Chirayu Chandani of Khaitan & Co. acted as legal advisor to Viatris Inc.

Transaction 2 – JSW Steel to Acquire Remaining 17.35% Stake in Piombino Steel via Amalgamation

JSW Steel Limited (BSE:500228) entered into scheme of amalgamation to acquire remaining 17.35% stake in Piombino Steel Limited from JSW Shipping & Logistics Private Limited for INR 75.9 billion on December 3, 2025. The consideration consists of common equity of JSW Steel Limited at a ratio of 0.064103 per common equity of Piombino Steel Limited. As at the time of announcement, JSW Steel holds a 82.65% stake representing a 4,857,364,000 share and JSW Shipping & Logistics holds a 17.35% stake representing 1,020,000,000 share in Piombino Steel. Piombino Steel shall cease to exist upon the effectiveness of Scheme.

For the period ending March 31, 2025, Piombino Steel Limited reported total revenue of INR 6.05 billion and net income of INR 18.6 billion. As of March 31, 2025, Piombino Steel Limited reported total assets of INR 107.65 billion and total common equity of INR 67.32 billion.

The Scheme is subject to the necessary statutory and regulatory approvals of the shareholders / the creditors of the JSW Steel and other parties to the Scheme, as may be directed by the National Company Law Tribunal, Mumbai Bench, the BSE Limited and the National Stock Exchange of India Limited (collectively referred to as the “Stock Exchanges”), Securities and Exchange Board of India, and and any other regulatory approvals, permissions, consents, sanctions, exemption as may be required under applicable laws, regulations, guidelines in relation to the Scheme. Board of Directors of JSW Steel has approved the Scheme of amalgamation.

Transaction 3 - INOX Clean Energy to Acquire VEH Global India for INR 50 Billion

INOX CLEAN ENERGY LIMITED agreed to acquire VEH Global India Private Limited from Macquarie Corporate Holdings Pty Limited and others for INR 50.0 billion on December 22, 2025.The valuation is based on industry speculation reported by industry insiders. A cash consideration of INR 50 billion will be paid by INOX CLEAN ENERGY LIMITED.

Standard Chartered Bank acted as financial advisor for Macquarie Corporate Holdings Pty Limited. Charms Mathews, Neelambera Sandeepan, Harshit Khurana, Karanjot Singh Khurana, Anupam Misra, Siddharth Sawhney and Kunal Arora of Lakshmikumaran & Sridharan acted as legal advisor to INOX CLEAN ENERGY LIMITED whereas Latham & Watkins LLP acted as legal advisor to Macquarie Corporate Holdings Pty Limited.

Transaction 4 - Stonepeak Infrastructure Fund V and Stonepeak Partners to Acquire 26% Stake in Castrol India for INR 50 Billion

Stonepeak Infrastructure Fund V Lp and Stonepeak Partners LP proposed to acquire 26% stake in Castrol India Limited (BSE:500870) for INR 50 billion on December 24, 2025. A cash consideration of INR 194.04 per share will be paid by Stonepeak Infrastructure Fund V Lp and Stonepeak Partners LP. The Acquirer has entered into an agreement for sale and purchase with BP p.l.c. dated December 23, 2025 pursuant to which this offer has been launched.

The transaction is subject to consents, approvals, clearances, confirmations or licences having been granted (or being deemed to have been granted) in respect of the Underlying Transaction by the relevant antitrust authorities under the applicable merger control laws, i.e., Angola Competition Regulatory Authority, Australian Competition and Consumer Commission, Competition and Consumer Authority of Botswana, Brazilian administrative Council for Economic Defense, China State Administration for Market Regulation, Egyptian Competition Authority, European Commission, Competition Commission of India, Competition Authority of Kenya, Kuwait Competition Protection Agency, Mexican National Antitrust Commission, Moroccan Competition Council, Namibian Competition Commission, Nigerian Federal Competition and Consumer Protection Commission, Competition Commission of Pakistan, Saudi Arabia General Authority for Competition, South Africa Competition Commission, Korea Fair Trade Commission, Turkish Competition Authority, UK Competition and Markets Authority, Antimonopoly Committee of Ukraine, US Federal Trade Commission and US Department of Justice and Vietnam Competition Commission, Consents, approvals, clearances, confirmations or licences having been granted (or being deemed to have been granted) in respect of the Underlying Transaction by the relevant foreign investment authorities under the applicable foreign investment and national security laws, i.e., Austrian Federal Ministry for Economy, Energy and Tourism, Treasurer of the Commonwealth of Australia and Australian Foreign Investment Review Board, Belgian Interfederal Screening Commission, French Ministry of Economy and Finance, German Federal Ministry of Economic Affairs and Energy, Greek Ministry of Foreign Affairs, Italian Presidency of the Council of Ministers, New Zealand Overseas Investment Office, Romanian Commission for the Examination of Foreign Direct Investments, Spanish Council of Ministers and Swedish Inspectorate of Strategic Products and subject to appraisal by the European Commission.

Gaurav Arora and Kshitij Gupta of UBS Securities India Private Limited acted as manager to the Offer for Stonepeak Partners LP.

Transaction 5 - Ambuja Cements to Acquire Remaining 27.34% Stake in Orient Cement for INR 10 Billion

Ambuja Cements Limited (BSE:500425) agreed to acquire remaining 27.34% stake in Orient Cement Limited (NSEI:ORIENTCEM) for INR 10 billion on December 22, 2025. The consideration will be paid by buyer for every 100 equity shares of Orient Cement with a face value of INR 1 each, Ambuja Cements will issue 33 equity shares with a face value of INR 2 each, to eligible shareholders of Orient Cement.

Board of Directors of the Company at its meeting held on December 22, 2025, approved the Scheme of Amalgamation. The Schemes are subject to necessary statutory and regulatory approvals under the applicable laws, including approval of the jurisdictional National Company Law Tribunal.

GT Valuation Advisors Pvt. Ltd. & BDO Valuation Advisory LLP, registered valuers are the independent joint valuers, IDBI Capital Markets & Securities Ltd. and SBI Capital Markets Ltd. have provided opinions fairness of the joint valuations, Cyril Amarchand Mangaldas and Singhi & Co. are legal advisors in deal.

Transaction 6 - Aica Kogyo to Acquire 26% Stake in Stylam Industries via Open Offer for INR 9.9 Billion

Aica Kogyo Company, Limited (TSE:4206) made an open Offer to acquire 26% stake in Stylam Industries Limited (BSE:526951) from public shareholders for INR 9.9 billion on December 26, 2025. A cash consideration valued at INR 2250 per share will be paid by Aica Kogyo Company, Limited. In related transaction Aica Kogyo also entered into two share purchase agreements to acquire Equity Shares of the Target Company. Funds for the share acquisitions will be provided from cash on hand and/or bank borrowings. Open Offer is not subject to any minimum level of acceptance. Commencement of Open Offer Period is planned for late February through early March, 2026 which is subject to change or extension depending on the approval of the Competition Commission of India.

ICICI Securities Limited acted as Manager to the Open Offer on behalf of the Acquirer.

Transaction 7 - Banganga Paper Industries to Acquire 78.9% Stake in CMJ Breweries for INR 8.7 Billion

Banganga Paper Industries Limited (BSE:512025) agreed to acquire 78.90% stake in Cmj Breweries Private Limited from Ronak Jain, Sarita Jain, Priyanka Jain, Jimson Kharkongor, K K Impex & Trading Private Limited and others for INR 8.7 billion on December 17, 2025. The acquisition will be executed through a Share Purchase and Share Subscription Agreement between BPIL, CMJBPL, and its shareholders. Banganga Paper Industries discharged the total Purchase Consideration payable for the acquisition of the Cmj Breweries Private Limited by acquiring 109.5 million Equity Shares each representing 78.9% shareholding of the CMJ Breweries Private Limited by the issue of 151.06 million fully paid-up Equity Shares. The utilization of the Issue Proceeds for CMJ Breweries Private Limited shall be subject to completion of the proposed acquisition, pursuant to which CMJ Breweries Private Limited shall become a subsidiary of the Company.

The transaction is subject to approval of offer by Banganga Paper Industries board. The deal has been approved by the board. Completion is subject to regulatory approvals and conditions outlined and is expected to be completed within two months.

Transaction 8 - Creador to Acquire 7% Stake in La Renon Healthcare for INR 8 Billion

Creador Sdn. Bhd. acquired 7% stake in La Renon Healthcare Pvt. Ltd. from Peak XV Partners Operations LLC for INR 8.0 billion on December 4, 2025. A cash consideration of INR 8 billion will be paid by Creador Sdn. Bhd. As part of consideration, INR 8 billion is paid towards common equity of La Renon Healthcare Pvt. Ltd.

For the period ending March 31, 2025, La Renon Healthcare Pvt. Ltd. reported total revenue of INR 16.85 billion and EBITDA of INR 3.56 billion. The transaction is subject to approval by Competition Commission of India. Competition Commission of India has approved the deal.

Sidharrth Shankar, Nandini Seth, Nisha Kaur Uberoi and Pranav Satyam of J. Sagar Associates acted as legal advisor for La Renon Healthcare Pvt. Ltd. Dushyant Bagga of Talwar Thakore & Associates acted as legal advisor for Peak XV Partners Operations LLC.Manav Raheja and Zenia Cassinath of Veritas Legal acted as legal advisor for Creador Sdn. Bhd.

Transaction 9 - Tata Steel to Acquire 50.01% Stake in Thriveni Pellets for INR 6.4 Billion

Tata Steel Limited (BSE:500470) signed a definitive agreement to acquire 50.01% stake in Thriveni Pellets Private Limited from Thriveni Earthmovers Private Limited for approximately INR 6.4 billion on December 10, 2025. A cash consideration of up to INR 6.36 billion will be paid by Tata Steel Limited. As part of consideration, up to INR 6.36 billion is paid towards common equity of Thriveni Pellets Private Limited. The consideration is subject to closing adjustments.

For the period ending March 31, 2025, Thriveni Pellets Private Limited reported total revenue of INR 24.79 billion and net loss of INR 451.4 million. As of March 31, 2025, Thriveni Pellets Private Limited reported total common equity of INR 14.73 billion. The transaction is subject to approval by regulatory board / committee, approval of offer by acquirer board and subject to antitrust regulations. The deal has been approved by the board of Tata Steel Limited. The expected completion of the transaction is within 3 - 4 months.

Deepto Roy, Partner; along with Subhojit Das of Shardul Amarchand Mangaldas & Co acted as the legal advisor to Tata Steel Limited. Aniruddha Sen, Prarthna Baranwal and Debanjana Mukherjee of Trilegal acted as legal advisor to Thriveni Earthmovers Private Limited.

Transaction 10 - Sanlam Emerging Markets to Acquire Additional 14.72% Stake in Shriram Life Insurance for INR 6 Billion

Sanlam Emerging Markets (Mauritius) Limited entered into a share purchase agreement to acquire an additional 14.72% stake in Shriram Life Insurance Company Limited from Piramal Finance Limited (NSEI:PIRAMALFIN) for INR 6 billion on December 19, 2025. A cash consideration of INR 6 billion will be paid by Sanlam Emerging Markets (Mauritius) Limited. As part of consideration, INR 6 billion is paid towards common equity of Shriram Life Insurance Company Limited. Upon completion, Sanlam Emerging Markets (Mauritius) Limited will own 37.72% stake in Shriram Life Insurance Company Limited.

For the period ending March 31, 2025, Shriram Life Insurance Company Limited reported total revenue of INR 126.8 million. The transaction is subject to approval by regulatory board / committee. The expected completion of the transaction is in the quarter ended on March 31, 2026.

Transaction 11 - Privi Speciality Chemicals to Acquire Privi Fine Sciences for INR 5.3 Billion

Privi Speciality Chemicals Limited (BSE:530117) agreed to acquire Privi Fine Sciences Private Limited for INR 5.3 billion on December 19, 2025. As part of consideration, Privi Speciality Chemicals Limited will issue 1.73 million ordinary shares. The shareholders of Privi Fine Sciences Private Limited will be issued 1 equity share of Privi Speciality Chemicals Limited, for every 135 equity shares of Privi Fine Sciences Private Limited. As of September 30, 2025, Privi Fine Sciences Private Limited reported total assets of INR 3 billion and net worth of INR 1.94 billion.

The transaction is subject to the approval of the shareholders, creditors, the Honble National Company Law Tribunal (‘NCLT”) and such other regulatory authorities. RBSA Valuation Advisors LLP and Vivro Financial Services Private Limited acted as fairness opinion providers to Privi Fine Sciences Private Limited. RBSA Capital Advisors LLP acted as financial advisor to Privi Speciality Chemicals Limited.

Transaction 12 - International Hospital to Acquire Tmi Healthcare for INR 4.3 Billion

International Hospital Ltd. signed definitive agreement to acquire Tmi Healthcare Private Limited for INR 4.3 billion on December 19, 2025. The deal consideration would be subject to closing adjustments and other terms and conditions as agreed upon in the definite documents.

For the period ending March 31, 2025, Tmi Healthcare Private Limited reported total revenue of INR 1.02 billion.

The consummation of the Proposed Transaction is subject to certain customary conditions precedent and closing conditions, as agreed under the terms of the relevant definitive agreements. The transaction is expected to be completed by end of January 2026. Siddhartha George, Dharani V. Polavaram, Harini Sudersan, Bilal Lateefi, Vibhuti Tyagi, Shagun Singh, Satyajit Nair, Bharani Tadimalla, Dharmendra Chatur, Ishi Prakash, Vishal K Savitha KG, Swarna Shenoy, Mohan Krishna and Pranav N of Poovayya & Co. acted as legal advisor to Tmi Healthcare Private Limited whereas AZB & Partners acted as legal advisor to International Hospital Ltd.

Transaction 13 - Zenrock Chemicals and Partners to Acquire 50.8% Stake in Indo Borax & Chemicals for INR 4.2 Billion

Zenrock Chemicals Private Limited, India Special Assets Fund III, ISAF III Onshore Fund, Special Situation India Trust fund managed by EDELWEISS ALTERNATIVE ASSET ADVISORS PTE LIMITED entered into a share purchase agreement to acquire 50.80% stake in Indo Borax & Chemicals Limited (BSE:524342) from Sajal Sushilkumar Jain, Sreelekha Sajal Jain, Saumya Sajal Jain, Pranika Saumya Jain, Sajal Sushilkumar Jain HUF and Shubhra Jain Sivaradjou for INR 4.2 billion on December 15, 2025. A cash consideration valued at INR 256.3 per share will be paid by Zenrock Chemicals Private Limited, India Special Assets Fund III, ISAF III Onshore Fund, Special Situation India Trust fund managed by EDELWEISS ALTERNATIVE ASSET ADVISORS PTE LIMITED.

Zenrock Chemicals Private Limited along with PACs proposed an open offer to acquire 26% stake in Indo Borax & Chemicals Limited for INR 2.1 billion on December 15, 2025.Following the completion Zenrock Chemicals Private Limited will acquire 98,82,230 Equity Shares, representing approximately 30.80% of the total paid-up equity share capital. India Special Assets Fund III will acquire 23,87,496 Equity Shares, representing 7.44%. ISAF III Onshore Fund will acquire 24,26,004 Equity Shares, representing 7.56%. Special Situation India Fund will acquire 16,04,500 Equity Shares, representing 5%.

Upon completion of the Transaction under the SPA, Zenrock Chemicals Private Limited, shall appoint 3 nominee directors on the board of directors of Indo Borax & Chemicals Limited (“Board”). The Following existing directors, namely, Sajal Jain and Govind Ramlal Parmar shall resign from the Board.

The consummation of the transaction is subject to satisfaction of customary condition precedents in terms of the SPA. Additionally, the Sellers have also agreed to certain customary standstill covenants in respect of the Company under the SPA.

Transaction 14 - Viceroy Hotels to Acquire SLN Terminus Hotels & Resorts for INR 2.06 Billion

Viceroy Hotels Limited (BSE:523796) agreed to acquire Sln Terminus Hotels & Resorts Private Limited for INR 2.06 billion on December 1, 2025. A cash consideration of INR 2.06 billion will be paid by Viceroy Hotels Limited. As part of consideration, INR 2.06 billion is paid towards common equity of Sln Terminus Hotels & Resorts Private Limited.

For the period ending March 31, 2025, Sln Terminus Hotels & Resorts Private Limited reported total revenue of INR 434.52 million and net income of INR 59.84 million. As of March 31, 2025, Sln Terminus Hotels & Resorts Private Limited reported total common equity of INR 86.43 million. The transaction is subject to approval of offer by Viceroy Hotels Limited board. The deal has been approved by the board. The transaction will be executed within a year from the date of approval of the shareholders.

Transaction 15 - DR Axion India to Acquire Suprash Developers for INR 1.4 Billion

DR Axion India Private Limited entered into a Share Purchase Agreement to acquire Suprash Developers Private Limited for INR 1.4 billion on December 19, 2025. A cash consideration of INR 1.4 billion will be paid by DR Axion India Private Limited. As part of consideration, INR 1.4 billion is paid towards common equity of Suprash Developers Private Limited. The Acquisition will be completed on or before December 31, 2025.

Transaction 16 - Arvind Fashions to Acquire Remaining 31.25% Stake in Arvind Youth Brands for INR 1.4 Billion

Arvind Fashions Limited (NSEI:ARVINDFASN) agreed to acquire remaining 31.25% stake in Arvind Youth Brands Private Limited from Flipkart Online Services Pvt. Ltd. for INR 1.4 billion on December 29, 2025. A cash consideration of INR 1.35 billion will be paid by Arvind Fashions Limited. As part of consideration, INR 760.41 million is paid towards common equity and INR 589.59 million is paid towards convertible preferred equity of Arvind Youth Brands Private Limited. Upon completion, Arvind Fashions Limited will own 100% stake in Arvind Youth Brands Private Limited.

For the period ending March 31, 2025, Arvind Youth Brands Private Limited reported total revenue of INR 4.32 billion. The expected completion of the transaction is December 29, 2025.

Transaction 17 - Cag-Tech to Acquire 4.99% Stake in Sundrop Brands for INR 1.3 Billion

Cag-Tech (Mauritius) Limited entered into share purchase agreement to acquire 4.99% stake in Sundrop Brands Limited (BSE:500215) from DMPL India Limited for INR 1.3 billion on December 16, 2025. A cash consideration valued at INR 715 per share will be paid by Cag-Tech (Mauritius) Limited for 1.881073 shares.

The transaction is subject to fulfilment of the following conditions Delivery of a tax opinion issued by a major accounting firm; Delivery of a section 281 Income Tax Act (India) report; Evidence of the parties’ respective corporate authorisations; Regulatory pre-clearance under Indian insider-trading rules; and Regulatory clearance and/or approvals by SGX.

Transaction 18 - Undisclosed Buyer Acquires 10% Stake in North Eastern Development Finance Corporation

An undisclosed buyer completed the acquisition of 10% stake in North Eastern Development Finance Corporation Ltd. from IFCI Limited (NSEI:IFCI) on December 30, 2025.

Transaction 19 - Mohan Krishna Lakhamraju Acquires Great Lakes E-Learning Services for INR 830 Million

Mohan Krishna Lakhamraju acquired Great Lakes E- Learning Services Private Limited for approximately INR 830 million on early in 2024. A cash consideration of approximately INR 833.47 million will be paid by the buyer.

Transaction 20 - Credlix IFSC Acquires Majority Stake in Vanik Finance for INR 800 Million

Credlix Ifsc Private Limited acquired a majority stake in Vanik Finance Private Limited for INR 800 million on December 4, 2025.

Transaction 21 - Parshav Vatika, K8 Products & Tidagela Ventures to Acquire 67.17% Stake in Lykis for INR 250 Million

Parshav Vatika LLP, K8 Products LLP and Tidagela Ventures Private Limited entered into a Share Purchase Agreement to acquire 67.17% stake in Lykis Limited (BSE:530689) from Nadir Dhrolia for approximately INR 250 million on December 18, 2025. Under the terms of the acquisition, Parshav Vatika LLP, K8 Products LLP and Tidagela Ventures Private Limited will acquire 13.01 million ordinary shares in Lykis Limited at INR 19.01 in cash per share. In a related transaction, Parshav Vatika LLP proposed to acquire 26% stake in Lykis Limited in an open offer transaction.

The transaction is subject to satisfaction of conditions precedent in the SPA and receipt of the statutory approvals.

Transaction 22 - Vikram Sharma, Supreme Lake View & RBS Real Estate to Acquire 26% Stake in Supreme Infrastructure for INR 650 Million

Vikram Sharma, Supreme Lake View Bungalows Private Limited and Rbs Real Estate Ventures Private Limited proposed to acquire 26% stake in Supreme Infrastructure India Limited (NSEI:SUPREMEINF) for INR 650 million on December 17, 2025. The Acquirers to acquire up to 66,81,577 Equity Shares representing 26.00%. The offer price of INR 97.60 per Offer Share has been determined. This Open Offer is not conditional upon any minimum level of acceptance. The Acquirers and PACs do not intend to delist the Target Company pursuant to this Open Offer. Date of commencement of the Tendering Period will be on February 10, 2026 and Date of closure of the Tendering Period will be on February 24, 2026.

Systematix Corporate Services Limited advised Vikram Sharma, Supreme Lake View Bungalows Private Limited and Rbs Real Estate Ventures Private Limited. Bigshare Services Private Limited acted as registrar to Vikram Sharma, Supreme Lake View Bungalows Private Limited and Rbs Real Estate Ventures Private Limited.

Transaction 23 - Swara Baby Products to Acquire K.A. Enterprises (Hygiene) for INR 580 Million

Swara Baby Products Private Limited entered into a Share Purchase Agreement to acquire K.A. Enterprises (Hygiene) Private Limited from from the existing shareholders for approximately INR 580 million on December 22, 2025. Under the terms of the transaction, Swara Baby Products Private Limited would issue 3,849,572 Equity Shares to the existing shareholders of K.A. Enterprises (Hygiene) Private Limited. Pursuant to the said Agreement, KA Hygiene will become wholly-owned subsidiary of Swara Baby and step-down subsidiary of Brainbees Solutions Limited and consequently, the indirect control of Brainbees Solutions Limited in KA Hygiene will be 75.92%. Pursuant to the above said issuance of shares, Brainbees Solutions Limited’s shareholding in Swara Baby will be adjusted from 87.29% to 75.92%.

For the period ending March 31, 2025, K.A. Enterprises (Hygiene) Private Limited reported total revenue of INR 840.1 million and net income of INR 52.2 million.

Transaction 24 - Aqua Proof Wall Plast to Acquire 95% Stake in Freedom Wealth Solutions for INR 540 Million

Aqua Proof Wall Plast Private Limited entered into Share Purchase Agreement to acquire 95% stake in Freedom Wealth Solutions Private Limited from Anand Rathi Wealth Limited (NSEI:ANANDRATHI) for approximately INR 540 million on December 18, 2025. A cash consideration of INR 537 million will be paid by Aqua Proof Wall Plast Private Limited for 2.371625 million shares.

As of March 31, 2025, Freedom Wealth Solutions Private Limited reported total common equity of INR 58.81 million.

Transaction 25 - Frontier Warehousing to Acquire 42.8% Stake in Kesoram Industries, Plans Additional 26% Acquisition

Frontier Warehousing Limited signed a Share Purchase Agreement to acquire 42.80% stake in Kesoram Industries Limited (NSEI:KESORAMIND) from group of shareholders for approximately INR 530 million on December 4, 2025. Under the terms of the acquisition, INR 4 in cash per share will be paid by Frontier Warehousing Limited. In a separate agreement, Frontier Warehousing Limited proposed to acquire 26% stake in Kesoram Industries Limited. Upon completion, Manav Investment & Trading Company Limited, Pilani Investment and Industries Corporation Limited, Aditya Birla Real Estate Limited, Birla Education Trust, Birla Educational Institution, Birla Group Holdings Private Limited, Birla Institute Of Technology & Science Company, Prakash Educational Society and Padmavati Investment Ltd. will no longer hold any stake in Kesoram Industries Limited.

Transaction 26 - Blue Heavens Health Care Acquires Durha Vitrak for INR 510 Million

Blue Heavens Health Care Private Limited acquired Durha Vitrak Private Limited for approximately INR 510 million on December 23, 2025. A cash consideration of INR 506.8 million will be paid by Blue Heavens Health Care Private Limited. As part of consideration, INR 506.8 million is paid towards common equity of Durha Vitrak Private Limited.

Transaction is now approved by NCLT as part of Corporate insolvency resolution process.

Transaction 27 - Ambuja Housing to Acquire Riverbank Developers for INR 340 Million

Ambuja Housing & Urban Infrastructure Company Ltd agreed to acquire Riverbank Developers Private Limited for approximately INR 340 million on December 28, 2025. The consideration will be paid in cash. The transaction is subject to approval of bankruptcy court. The deal has been approved by the lenders/creditors and The National Company Law Tribunal.

Transaction 28 - Jyotirgamya Advisory and Ashok Kumar Chordia to Acquire 26% Stake in AAA Technologies for INR 340 Million

Jyotirgamya Advisory Private Limited and Ashok Kumar Chordia proposed to acquire 26% stake in AAA Technologies Limited (NSEI:AAATECH) for approximately INR 340 million on December 29, 2025. A cash consideration of INR 336.83 million valued at INR 101 per share will be paid by Jyotirgamya Advisory Private Limited. As part of consideration, INR 336.83 million is paid towards common equity of AAA Technologies Limited. Mark Corporate Advisors Private Limited acted as financial advisor for Jyotirgamya Advisory Private Limited and Ashok Kumar Chordia.

Transaction 29 - Protean eGov to Acquire 4.95% Stake in NSDL Payments Bank for INR 300 Million

Protean eGov Technologies Limited (BSE:544021) agreed to acquire 4.95% stake in NSDL Payments Bank Limited from National Securities Depository Limited (BSE:544467) for approximately INR 300 million on December 16, 2025. A cash consideration of INR 302 million will be paid by Protean eGov Technologies Limited. As part of consideration, INR 302 million is paid towards common equity of NSDL Payments Bank Limited.

For the period ending March 31, 2025, NSDL Payments Bank Limited reported total revenue of INR 7.22 billion. The deal has been approved by Protean eGov Technologies Limited board.

The transaction is expected to be completed within 60 days from the execution of agreement.

Transaction 30 - Ronak Jain to Acquire 70.96% Stake in Banganga Paper Industries for INR 120 Million, Plans Open Offer for Remaining 29.04%

Ronak Jain executed a Share Purchase Agreement to acquire 70.96% stake in Banganga Paper Industries Limited (BSE:512025) from Chetan Karbhari Dhatrak, Karbhari Pandurang Dhatrak and Jayashree Karbhari Dhatrak for approximately INR 120 million on December 17, 2025. A cash consideration valued at INR 1.44 per share will be paid by the buyer. As part of consideration, an INR 122.4 million value is paid towards 85 million common equity of Banganga Paper Industries Limited. In a related transaction, Ronak Jain, Sarita Jain, Priyanka Jain and K K Impex & Trading Private Limited proposed to launch a Open offer to acquire the remaining 29.04% stake in Banganga Paper Industries Limited for approximately INR 50.44 million. The Board of Directors of Banganga Paper Industries Limited has approved the transaction.

Transaction 31 - Parshav Vatika and PACs to Acquire 93.17% Stake in Lykis Limited via SPA and Open Offer for INR 417.5 Million

Parshav Vatika LLP proposed to acquire 26% stake in Lykis Limited (BSE:530689) for approximately INR 170 million on December 18, 2025. A cash consideration valued at INR 34.5 per share will be paid by Parshav Vatika LLP. Parshav Vatika LLP along with PAC’s entered into a share purchase agreement to acquire 67.17% stake in Lykis Limited from Nadir Umedali Dhrolia for INR 247.5 million. Following the completion of both the transactions Parshav Vatika LLP and PAC’s will hold 93.17% stake in Lykis Limited. The Acquirer and PACs have no intention to delist the Equity Shares of Lykis Limited pursuant to this Open Offer. The transaction is subject to statutory approval. The Open Offer is not conditional upon any minimum level of acceptance. The transaction is expected complete on February 25, 2026.

Srujan Alpha Capital Advisors LLP acted as financial advisor for Parshav Vatika LLP and PAC’s. Purva Sharegistry (India) Pvt. Ltd. acted as registrar to the offer for Lykis Limited.

Transaction 32 - Aditya Himmat Bhansal to Acquire 98.71% Stake in P.H. Capital via SPA and Open Offer for INR 321.2 Million

Aditya Himmat Bhansal proposed to acquire 26% stake in P.H. Capital Limited (BSE:500143) for approximately INR 160 million on December 20, 2025. A cash consideration of INR 161.2 million valued at INR 206.66 per share will be paid by Aditya Himmat Bhansal. As part of consideration, INR 161.2 million is paid towards common equity of P.H. Capital Limited. In a related transaction, Aditya Himmat Bhansal is acquiring 72.7% stake in P.H. Capital Limited through a Share Purchase Agreement. Upon completion of the transactions, Aditya Himmat Bhansal will hold 98.71% stake in P.H. Capital Limited.

The transaction is subject to approval by regulatory board / committee and subject to statutory approval. The offer is expected to close on February 26, 2026. Choice Capital Advisors Private Limited acted as manager to the offer. Bigshare Services Pvt. Ltd. acted as registrar to the offer.

Transaction 33 - Macquarie Asia-Pacific Infrastructure Fund 4 to Acquire 42.5% Stake in Maple Infra INVIT and 40% in Maple Highway Project Management

Macquarie Asia-Pacific Infrastructure Fund 4 Lp managed by Macquarie Infrastructure Management (Asia) Pty Limited executed share purchase agreement to acquire 42.50% stake in Maple Infra Invit Investment Manager Private Limited from Maple Highways Pte. Ltd. for INR 160 million on December 24, 2025. A cash consideration of INR 160 million will be paid by Macquarie Asia-Pacific Infrastructure Fund 4 Lp and Macquarie Infrastructure Management (Asia) Pty Limited. As part of consideration, INR 160 million is paid towards common equity of Maple Infra Invit Investment Manager Private Limited.

In a separate transaction Macquarie Asia-Pacific Infrastructure Fund 4 Lp managed by Macquarie Infrastructure Management (Asia) Pty Limited executed a share purchase agreement to acquire 40% of Maple Highway Project Management Private Limited from Maple Highways for INR 18 million.

The completion of the transaction is subject to the receipt of applicable regulatory and third-party approvals (including from the Competition Commission of India (“CCI”), the National Highways Authority of India (“NHAI”), the Securities and Exchange Board of India (“SEBI”) and the unitholders of Trust) and other conditions precedent, including approvals for change in control of Maple Infra Invit Investment Manager Private Limited. Upon the completion of the transaction, Maple Highways (and its affiliate) are expected to hold 42.50% equity stake in Maple Infra Invit Investment Manager Private Limited, Macquarie Asia-Pacific Infrastructure Fund 4 (MAIF 4) is expected to hold 42.50% and 360 One Alternates Asset Management Limited is expected to continue to hold 15% equity stake in Maple Infra Invit Investment Manager Private Limited.

Transaction 34 - Ritesh Tiwari and Alka Tiwari to Acquire 71.87% Stake in Net Pix Shorts Digital Media for INR 69 Million

Ritesh Tiwari and Alka Tiwari executed a Share Purchase Agreement to acquire 71.87% stake in Net Pix Shorts Digital Media Limited (BSE:543247) from Danish Zakaria Aghadi for INR 69 million on December 15, 2025.

Transaction 35 - Paramatrix Technologies to Acquire MetaSys Software for INR 140 Million

Paramatrix Technologies Limited (NSEI:PARAMATRIX) signed a letter of intent to acquire MetaSys Software from Usha Mayya and Giribala Sharma for approximately INR 140 million on December 3, 2025.

For the period ending March 31, 2025, MetaSys Software reported total revenue of INR 126.34 million.

The transaction is subject to approval of offer by acquirer board. To complete the said acquisition, the Board has also approved the execution of the Share Purchase Agreement (‘SPA’) to be entered into among the Company, Metasys, and the Selling Shareholders. The transaction will be completed in three separate tranches over a period of one year from the date of execution of the Share Purchase Agreement, unless extended mutually, and shall be subject to the fulfilment of the terms and conditions specified in the SPA.

Transaction 36 - Nexus Select Trust Acquires Remaining 0.55% Stake in Euthoria Developers for INR 100 Million

Nexus Select Trust (NSEI:NXST) acquired remaining 0.55% stake in Euthoria Developers Private Limited from SIII Indian Investments One Ltd. for INR 100 million on December 26, 2025. A cash consideration of INR 100 million will be paid by Nexus Select Trust. As part of consideration, INR 100 million is paid towards common equity of Euthoria Developers Private Limited.

For the period ending March 31, 2025, Euthoria Developers Private Limited reported total revenue of INR 2.33 billion.

Transaction 37 - Senores Pharmaceuticals to Acquire Apnar Pharma for INR 91 Million

Senores Pharmaceuticals Limited (NSEI:SENORES) entered into a Share Purchase Agreement to acquire Apnar Pharma Private Limited for INR 91 million on December 15, 2025. A cash consideration of INR 15 million will be paid by Senores Pharmaceuticals Limited. As part of consideration, INR 15 million is paid towards common equity of Apnar Pharma Private Limited.

For the period ending March 31, 2025, Apnar Pharma Private Limited reported total revenue of INR 14.22 billion. The transaction is subject to approval of offer by acquirer board. The deal has been approved by the board. The transaction is expected to close in Q2 of FY 2027.

Transaction 38 - Anlon Healthcare to Acquire 67.48% Stake in Apiqo Organics for INR 54.01 Million

Anlon Healthcare Limited (NSEI:AHCL) entered into a Share Purchase Agreement to acquire 67.48% stake in Apiqo Organics Private Limited for INR 54.01 million on December 2, 2025. A cash consideration of INR 54.01 million will be paid by Anlon Healthcare Limited. As part of consideration, INR 54.01 million is paid towards common equity of Apiqo Organics Private Limited. The consideration would be paid in cash. Pursuant to the terms of the share purchase agreement and upon fulfilment of the conditions precedent, Anlon Healthcare Limited will acquire management and control of the Apiqo Organics, and upon completion of such acquisition, Apiqo Organics will become Subsidiary of Anlon Healthcare Limited.

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

Transaction 39 - J.K. Cement to Acquire Additional 12.21% Stake in O2 Renewable Energy V for INR 51.9 Million

J.K. Cement Limited (BSE:532644) agreed to acquire an additional 12.21% stake in O2 Renewable Energy V Private Limited from JSW Neo Energy Limited for INR 51.9 million on December 3, 2025. Upon completion, J.K. Cement Limited will own 28.97% stake in O2 Renewable Energy V Private Limited.

For the period ending March 31, 2025, O2 Renewable Energy V Private Limited reported total revenue of INR 202.9 million, net income of INR 8.1 million and Total common equity of INR 432.7 million.

Transaction 40 - Ronak Jain and Partners Launch Open Offer for Remaining 29.04% Stake in Banganga Paper Industries for INR 50.4 Million

Ronak Jain, Sarita Jain, Priyanka Jain and K K Impex & Trading Private Limited proposed to acquire the remaining 29.04% stake in Banganga Paper Industries Limited (BSE:512025) for INR 50.4 million on December 17, 2025. A cash consideration valued at INR 1.45 per share will be paid by the buyer. As part of consideration, an INR 50.44 million value is paid towards 34.79 million common equity of Banganga Paper Industries Limited. Public Shareholders hold 34.79 million equity shares. Since 26% of the expanded equity and voting share capital exceeds the existing public shareholding, the offer size is set at 100% of the existing public shareholding of the target company. The offer is not conditional upon any minimum level of acceptance. In a related transaction, Ronak Jain executed a Share Purchase Agreement to acquire 70.96% stake in Banganga Paper Industries Limited (BSE:512025) from Chetan Karbhari Dhatrak, Karbhari Pandurang Dhatrak and Jayashree Karbhari Dhatrak for approximately INR 120 million. The deal is expected to close on February 20, 2026..

Navigant Corporate Advisors Limited acted as Manager to the Offer for and on behalf of the Ronak Jain, Sarita Jain, Priyanka Jain and K K Impex & Trading Private Limited. Adroit Corporate Services Private Limited acted as transfer agent/registrar to the offer for and on behalf of the Ronak Jain, Sarita Jain, Priyanka Jain and K K Impex & Trading Private Limited.

Transaction 41 - Jaykishor Chaturvedi & Partners to Acquire Additional 19.5% Stake in Brijlaxmi Leasing & Finance for INR 49 Million

Jaykishor Chaitanyakishor Chaturvedi, Siddharth Jaykishor Chaturvedi, Ankur J Chaturvedi and Brijlaxmi Infotech Ltd proposed to acquire an additional 19.50% stake in Brijlaxmi Leasing & Finance Limited (BSE:532113) for INR 49 million on December 5, 2025. A cash consideration valued at INR 10.05 per share will be paid by Brijlaxmi Infotech Ltd. The transaction will be financed through adequate financial resources of Jaykishor Chaitanyakishor Chaturvedi, Siddharth Jaykishor Chaturvedi, Ankur J Chaturvedi and Brijlaxmi Infotech Ltd. The tender offer will commence on January 29, 2026 and will close on February 11, 2026.

Ritika Rathour and Satej Darde of Saffron Capital Advisors Private Limited acted as financial advisor to Jaykishor Chaitanyakishor Chaturvedi, Siddharth Jaykishor Chaturvedi, Ankur J Chaturvedi and Brijlaxmi Infotech Ltd. K. Sreepriya of Cameo Corporate Services Limited acted as Registrar to Jaykishor Chaitanyakishor Chaturvedi, Siddharth Jaykishor Chaturvedi, Ankur J Chaturvedi and Brijlaxmi Infotech Ltd.

Transaction 42 - Neerav Bairagi to Acquire 36.62% Stake in JMG Corporation Limited and Launches Open Offer

Neerav Bairagi entered into share purchase agreement to acquire 36.62% stake in JMG Corporation Limited (BSE:523712) from Atul Kumar Mishra for INR 35.6 million on December 4, 2025. A cash consideration valued at INR 4.2 per share will be paid by the Neerav Bairagi.

Neerav Bairagi having agreed to acquire over 25% of the JMG Corporation’s equity and voting rights, is making an Open Offer to purchase 60,21,053 fully paid-up equity shares, representing 26% of JMG Corporation’s total equity and voting capital. This offer is made to public shareholders at a price of INR 5.30 per share.

Transaction 43 – Ritesh Tiwari & Alka Tiwari Propose 26% Stake Acquisition in Net Pix Shorts Digital Media Limited

Ritesh Tiwari and Alka Tiwari proposed to acquire 26% stake in Net Pix Shorts Digital Media Limited (BSE:543247) for INR 26.6 million on December 15, 2025. A cash consideration valued at INR 32 per share will be paid by the buyer. The offer is expected to close on February 20, 2026.

Aryaman Financial Services Limited acted as financial advisor for Ritesh Tiwari and Alka Tiwari. Cameo Corporate Services Limited acted as registrar to the offer.

Transaction 44 – GlobalBees Brands Pvt Ltd Acquires Additional Stake in HS Fitness Pvt Ltd

GlobalBees Brands Pvt Ltd acquired an additional 6.49% stake in HS Fitness Pvt Ltd for INR 24 million on December 2, 2025. For the period ending December 2, 2025, HS Fitness Pvt Ltd reported total revenue of INR 75.9 million.

Transaction 45 – Macquarie Asia-Pacific Infrastructure Fund 4 Lp and Macquarie Infrastructure Management (Asia) Pty Limited Acquisitions

Macquarie Asia-Pacific Infrastructure Fund 4 Lp and Macquarie Infrastructure Management (Asia) Pty Limited executed a share purchase agreement to acquire 40% stake in Maple Highway Project Management Private Limited from Maple Highways Pte. Ltd. for INR 18 million on December 24, 2025. A cash consideration of INR 18 million will be paid by Macquarie Asia-Pacific Infrastructure Fund 4 Lp and Macquarie Infrastructure Management (Asia) Pty Limited. As part of consideration, INR 18 million is paid towards common equity of Maple Highway Project Management Private Limited.

In a separate transaction Macquarie Asia-Pacific Infrastructure Fund 4 Lp managed by Macquarie Infrastructure Management (Asia) Pty Limited executed share purchase agreement to acquire 42.50% stake in Maple Infra Invit Investment Manager Private Limited from Maple Highways Pte. Ltd. for INR 160 million.

The completion of the transaction is subject to the receipt of applicable regulatory and third-party approvals (including from The Competition Commission of India and The National Highway Authority of India) and other conditions precedent. Upon the completion of the transaction, Maple Highways (and its affiliate) are expected to hold 40% equity stake in Maple Highway Project Management Private Limited, Macquarie Asia-Pacific Infrastructure Fund 4 (MAIF 4) is expected to hold 40% and the Maple Infra Invit Investment Manager Private Limited is expected to continue to hold 20% equity stake in Maple Highway Project Management Private Limited.