SER Industries Ltd

Governance exemption

• Regulation 15 exemption due to paid-up capital not exceeding Rs 10 crore.
• Net worth not exceeding Rs 25 crore as of 31 March 2026.
• Quarter ended 30 June 2026: Corporate Governance Report not required.

Dematerialisation reporting status

• Details of dematerialised securities furnished to depositories and stock exchanges.

Disclosure details

• Target Company: DESI FARMS INDIA LIMITED.
• Acquirer(s): Sunil Kumar Shahi; Amita Singh; Anil Kumar (promoter group).
• Transaction type: Acquisition of voting rights via preferential allotment of equity, CCPS, and CCD.
• Pre-transaction holding: Sunil Shahi held 5,47,215 shares (55.30%).
• Acquired shares: Sunil Shahi 1,83,61,790; Amita Singh 7,03,800; Anil Kumar 1,20,000.
• Post-transaction holdings: Sunil Shahi 1,89,09,005; Amita Singh 7,03,800; Anil Kumar 1,20,000.
• Post-transaction total: 1,99,48,815 shares (59.77%); diluted 48.39%.
• Date of acquisition: 09-07-2026.
• Share capital context: Before 98,95,900; After 3,28,14,180; Total diluted after 4,12,28,736.

Resigning director and governance impact

• Name and designation: Om Narayan Singh, Non-Executive Independent Director.
• Effective date of resignation: 09 July 2026, with immediate effect.
• Reason: due to other professional commitments.
• There are no other material reasons beyond those stated.
• Committees affected: ceased from Nomination and Remuneration; Stakeholders Relationship; Securities Issue.
• Other listed entities: does not hold directorships in any listed entity.
• Regulatory/ shareholder approvals: not mentioned in the filing.
• Consequence: immediate changes to board/committee composition as described.

Targets and business

• SNA Milk and Milk Products Limited, incorporated 27 May 2016, dairy manufacturer spanning milk, derivatives, ice cream.
• Presence in Mumbai, Pune, Bangalore, Ahmedabad, Hyderabad.
• Turnover history: 2022-23 ₹17,90,52,584.62; 2023-24 ₹20,12,25,524.71; 2024-25 ₹33,74,44,513.73.
• DFSU Farmer Connect Private Limited, ice creams and dairy products maker, incorporated Aug 27, 2025.

Transaction structure and consideration

• Share swap approach; cash consideration not involved.
• Equity shares issued: 3,18,24,590; CCPS 34,54,600; CCDs 49,59,956.
• Cost of acquisition approx ₹543.22 crore.
• Acquired 96.91% of SNA and 99.95% of DFSU on a fully diluted basis.
• Related party transaction; promoters hold interests; arm's-length price per valuation.

Approvals and completion timeline

• Regulatory approvals include in-principal BSE approval and members' consent.
• Completion as of 9 July 2026: 96.91% SNA and 99.95% DFSU acquired.