Shah Foods Limited Acquires Tandhan Power Technologies and Allots Shares
Shah Foods Limited announced the acquisition of Tandhan Power Technologies Private Limited (TPTPL) and preferential allotment of shares on March 27, 2026. The acquisition, previously announced on February 10, 2026, involves a share swap agreement.The company completed the acquisition and has allotted 1,58,85,037 equity shares with a face value of Rs. 10 each at an issue price of Rs. 62.50 per share to the shareholders of TPTPL. This allotment, totaling approximately Rs. 99.28 crore, constitutes a non-promoter public category share offering.
Additionally, the company approved the allotment of 68,32,463 equity shares with a face value of Rs. 10 each at an issue price of Rs. 110 per share for cash consideration to individuals in the Non-Promoter Public Category.
TPTPL, incorporated on August 14, 2018, is engaged in power storage and power backup solutions. The company reported a standalone turnover of Rs. 14,435.01 lakh for the fiscal year 2024-25.
Acquisition Details
| Name of the target entity, details in brief such as size, turnover etc. | Tandhan Power Technologies Private Limited (TPTPL) incorporated: 14/08/2018, Corporate Identity: Private Limited Company. Business Overview: Power storage and power backup solutions. Financial Performance (FY 2024-25): Standalone Turnover: Rs. 14,435.01 lakh. |
|---|---|
| Objects and effects of acquisition | To expand the Company’s presence and strengthen its business operations. |
| Indicative time period completion of the acquisition | Not Applicable |
| Nature of consideration | Swapping of Shares |
| Cost of acquisition | Rs. 99,28,14,812.50 |
Share Allotment Details (Non-Promoter)
| Name of the Allottees | No. of Equity Shares Allotted |
|---|---|
| Ankit Jalan | 40,20,802 |
| Anuj Jalan | 41,32,474 |
| Jalan Sarees Private Limited | 22,69,953 |
| Ritu Jalan | 18,52,010 |
| Daivik Jalan | 15,19,091 |
| Prachi Jalan | 5,31,245 |
| Ankit Jalan HUF | 5,28,781 |
| Anuj Jalan HUF | 5,23,616 |
| Radhika Jalan | 5,07,065 |
The acquirers, Ankit Jalan, Anuj Jalan, and Jalan Sarees Private Limited, along with others, will become promoters of the company following the completion of the open offer process.
Cash Consideration Allotment (Non-Promoter)
| Name of the Allottees | No. of Equity Shares Allotted | Consideration Received (Amount in Rs.) |
|---|---|---|
| Jitendra Rasiklal Sanghavi | 9,00,000 | 9,90,00,000 |
| Roopal Hitesh Kawa | 9,00,000 | 9,90,00,000 |
| Hitesh Natwarlal Kawa | 3,33,000 | 3,66,30,000 |
| ... | ... | ... |
| Mukesh Saraswat | 22,500 | 24,75,000 |
| Babulal Agarwal | 22,500 | 24,75,000 |
The board meeting commenced at 10:00 am (IST) and concluded at 11:00 am (IST).
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