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India Technology Sector Merger & Acquisition Filings — December 17, 2025

India Tech M&A Activity

59 medium priority59 total filings analysed

Executive Summary

A surge of 59 regulatory filings on a single day reveals a wave of preliminary SEBI SAST disclosures (Reg 29(2)/29(1)) signaling intent for substantial share acquisitions across small-cap companies, predominantly neutral in sentiment with low materiality due to absent quantitative details. True technology M&A remains sparse, limited to minor deals like Spice Lounge's USD 150k Singapore tech acquisition and Cyient's undisclosed buy, overshadowed by cross-sector events (e.g., ITC's pulp/paper asset purchase from Aditya Birla Real Estate, repeated 7x) mis-tagged as tech. Cumulative impact suggests nascent stake-building activity in undervalued names, potentially foreshadowing 2026 consolidation, but high noise-to-signal ratio warrants caution for institutional portfolios.

Tracking the trend? Catch up on the prior India Technology Sector Merger & Acquisition Filings digest from December 16, 2025.

Investment Signals(4)

  • Cluster of promoter/insider SAST disclosures (e.g., T T Ltd, Roto Pumps, Balurghat Tech) indicating confidence via stake builds [BULLISH] - Multiple small-caps

  • Repeated ITC acquisition of Aditya Birla Real Estate's non-core pulp/paper unit signals diversification plays [NEUTRAL-to-BULLISH] - ITC Limited

  • Siemens group (Siemens Ltd, Siemens Energy India) SAST filings hint at internal consolidation [BULLISH] - Siemens entities

  • Spice Lounge's cash acquisition of Singapore tech firm for USD 150k marks rare cross-border tech entry [BULLISH] - Spice Lounge Food Works

Risk Flags(4)

  • Ubiquitous NOT_DISCLOSED details across 95%+ filings obscure deal sizes/intents, inflating uncertainty and potential for non-materialization

  • NCLT-directed schemes (e.g., Narayana Hrudayalaya, BN Agrochem) prone to 12-18 month delays and shareholder/NCLT rejections

  • Cross-border (e.g., United Foodbrands Thailand LLCs, Spice Lounge Singapore) and sector-mismatched deals (pulp/paper as 'tech') expose execution/FX/regulatory risks

  • Promoter encumbrances/disposals (e.g., Orosil Smiths) signal potential liquidity stress amid stake churn

Opportunities(4)

  • Aggregate SAST filings (40+ targets) as early alpha signals for small-cap stake builds leading to takeovers/open offers; position ahead of Reg 30/31 details

  • Monitor duplicated high-profile assets (ITC-Aditya Birla) for valuation unlock via non-core divestments, creating entry points in acquirers

  • Pure tech targets (Sancode Tech, Blue Cloud Softech, PS IT Infra) with accelerator/insider interest for sector rotation plays

  • Godawari Power's preference share rights in new energy sub as low-risk internal growth proxy

Sector Themes(3)

  • Explosion of SAST Reg 29 disclosures (80%+ of filings) across BSE small-caps signals broad investor scanning for undervalued targets amid flat markets

  • Pseudo-tech tagging masks inter-sector churn (healthcare, infra, agro), hinting at portfolio rebalancing rather than pure IT M&A consolidation

  • Promoter/group dominance in filings (e.g., Siemens, Hindustan Cotton) underscores internal stake fortification over hostile/external bids

Watch List(4)

  • 👁

    Narayana Hrudayalaya / BN Agrochem schemes - NCLT meetings as gateway to merger details and healthcare consolidation catalysts

  • 👁

    ITC Limited / Aditya Birla Real Estate (dupe cluster) - Pulp/paper deal terms for synergies/valuation impact on diversified FMCG/infra plays

  • 👁

    Siemens Ltd & Siemens Energy India - Promoter SAST chain for potential group restructuring in energy-tech overlap

  • 👁

    Spice Lounge Food Works & Cyient Ltd - Actual tech acquisitions for cross-border/pure-play M&A momentum confirmation

Filing Analyses(59)
Rotographics (India) LimitedMerger/Acquisitionneutralmateriality 2/10

17-12-2025

BSE received a disclosure under Regulation 29(2) of SEBI SAST Regulations, 2011 from Shrey Gupta for Rotographics (India) Limited (539922), indicating a substantial acquisition or shareholding change. No details on transaction value, share count, percentage, or structure are disclosed. This is an informational SAST filing with no merger or full acquisition specifics provided.

  • ·SAST Reg 29(2) disclosure by Shrey Gupta (acquirer)
  • ·Target: Rotographics (India) Ltd (technology sector)
  • ·All quantitative data (value, shares, %) NOT_DISCLOSED
Narayana Hrudayalaya Ltd.Merger/Acquisitionneutralmateriality 2/10

17-12-2025

Narayana Hrudayalaya Ltd. disclosed a newspaper publication notice for meetings of members and creditors, convened pursuant to NCLT Bengaluru directions for a proposed scheme (likely merger/amalgamation). No details on parties, structure, valuation, or financial metrics are mentioned. This is a preliminary procedural filing under SEBI LODR.

  • ·NCLT Bengaluru has directed meetings for scheme approval process
  • ·Event classified as Merger/Acquisition but specifics NOT_DISCLOSED
  • ·Quantitative data (deal value, shares, percentages) all NOT_DISCLOSED
UnknownMerger/Acquisitionneutralmateriality 2/10

17-12-2025

Narayana Hrudayalaya Ltd has published a newspaper notice for convening meetings of members and creditors as directed by the NCLT Bengaluru Branch, likely related to a proposed scheme of arrangement such as a merger or amalgamation. No specific details on parties involved, deal structure, valuation, or financial terms are disclosed in the filing summary. This is an early-stage procedural disclosure under SEBI LODR requirements.

  • ·Newspaper publication for NCLT-directed meetings of members and creditors.
  • ·Event dated December 17, 2025, sourced from BSE.
  • ·No quantitative data, parties, or scheme details explicitly stated.
BN AGROCHEM LIMITEDMerger/Acquisitionneutralmateriality 2/10

17-12-2025

BN Agrochem Limited (BSE:526125) issued an update on December 17, 2025, referencing its Board's approval of a Scheme of Amalgamation on June 28, 2025, positioning itself as the Transferee Company. No details on other parties, valuation, terms, or financials are disclosed. This is an early-stage informational disclosure under SEBI LODR.

  • ·Scheme of Amalgamation approved by Board on June 28, 2025
  • ·BN Agrochem Limited identified as Transferee Company
  • ·No quantitative data (deal size, swap ratio, shareholding changes) or other parties disclosed
United Foodbrands LimitedMerger/Acquisitionneutralmateriality 2/10

17-12-2025

United Foodbrands Ltd (BSE:543283) announced acquisition of shares in unspecified Limited Liability Companies in Thailand on Dec 17, 2025. No details on deal size, valuation, parties, or rationale disclosed. Limited information restricts meaningful analysis.

  • ·Acquisition of shares in Thai LLCs by United Foodbrands Ltd
  • ·Event classified as acquisition, technology sector
  • ·All quantitative metrics (value, shares, % changes) NOT_DISCLOSED
Sancode Technologies LimitedMerger/Acquisitionneutralmateriality 2/10

17-12-2025

ZNL Startup Accelerator LLP and PACs have filed a disclosure under SEBI SAST Regulation 29(2) indicating intent to acquire shares in Sancode Technologies Ltd (BSE:543897), signaling a potential substantial acquisition. No details on deal size, shares, percentage, or structure are provided in the filing. This is an early-stage regulatory notice with limited actionable information.

  • ·SEBI SAST Reg 29(2) disclosure by ZNL Startup Accelerator LLP & PACs for Sancode Technologies Ltd.
  • ·Event classified as potential acquisition; no merger/amalgamation details mentioned.
  • ·All quantitative data (transaction value, share count, % changes) = NOT_DISCLOSED.
Sarla Performance Fibers LimitedMerger/Acquisitionneutralmateriality 2/10

17-12-2025

Sarla Performance Fibers Ltd (BSE:526885) received a disclosure under Regulation 29(2) of SEBI (SAST) Regulations, 2011, from Hindustan Cotton Company & Others on December 17, 2025. This indicates potential intention to acquire substantial shares or voting rights in the company. No details on deal structure, valuation, share count, or percentages are disclosed.

  • ·Disclosure under SEBI SAST Reg 29(2) by Hindustan Cotton Company & Others
  • ·Target: Sarla Performance Fibers Ltd
  • ·All quantitative data (transaction value, share count, % changes) NOT_DISCLOSED
MAURIA UDYOG LIMITEDMerger/Acquisitionneutralmateriality 2/10

17-12-2025

Mauria Udyog Ltd (BSE:539219) filed a disclosure under Regulation 29(2) of SEBI (SAST) Regulations, 2011, by Deepanshu Sureka & Others, indicating intent to acquire shares crossing substantial holding thresholds. No details on deal structure, value, share count, percentages, or merger specifics are disclosed. This is an acquisition-related SAST filing, not a confirmed merger scheme.

  • ·SEBI SAST Reg 29(2) disclosure for potential substantial acquisition
  • ·Acquirer: Deepanshu Sureka & Others; Target: Mauria Udyog Ltd
  • ·No quantitative data (transaction value, shares, % changes: NOT_DISCLOSED)
PANORAMA STUDIOS INTERNATIONAL LIMITEDMerger/Acquisitionneutralmateriality 2/10

17-12-2025

BSE received a disclosure under Regulation 29(2) of SEBI (SAST) Regulations, 2011 from Kumar Mangat Pathak for Panorama Studios International Ltd. No details on deal structure, valuation, share count, or percentage changes are provided in the filing summary. This indicates a substantial acquisition of shares or voting rights, but lacks quantitative data.

  • ·Disclosure under SEBI SAST Reg 29(2) by Kumar Mangat Pathak
  • ·Target: Panorama Studios International Ltd (539469)
  • ·Event classified as Merger/Acquisition, but appears to be share acquisition based on SAST trigger
  • ·All quantitative metrics (transaction value, share count, % changes) NOT_DISCLOSED
NCL Industries LimitedMerger/Acquisitionneutralmateriality 2/10

17-12-2025

BSE received a disclosure under SEBI SAST Regulation 29(2) from Kakatiya Industries Pvt Ltd regarding NCL Industries Ltd (502168). This signals intent for potential substantial acquisition of >5% shares/voting rights in the listed target. No details on deal structure, valuation, stake size, or consideration disclosed.

  • ·Acquirer: Kakatiya Industries Pvt Ltd (unlisted private entity)
  • ·Target: NCL Industries Ltd (listed on BSE: 502168)
  • ·Disclosure: Reg 29(2) SAST - preliminary notice of substantial acquisition intent
Arman Holdings LimitedMerger/Acquisitionneutralmateriality 2/10

17-12-2025

Arman Holdings Ltd (BSE:538556) filed a disclosure under Regulation 29(2) of SEBI (SAST) Regulations, 2011, by Arun Damji Gada & PACs, indicating intention to acquire substantial shares. No details on deal structure, valuation, share count, or percentages are disclosed. This is an early-stage acquisition disclosure in the technology sector.

  • ·SEBI SAST Reg 29(2) disclosure for proposed substantial acquisition
  • ·Acquirer: Arun Damji Gada & Persons Acting in Concert (PACs)
  • ·Target: Arman Holdings Ltd; quantitative data (transaction value, shares, %) NOT_DISCLOSED
Transpek Industry Ltd.Merger/Acquisitionneutralmateriality 1/10

17-12-2025

Transpek Industry Ltd. (BSE:506687) filed a disclosure under SEBI SAST Regulation 10(5) regarding an acquisition under Regulation 10(1)(a) by 'Ashwin'. No quantitative details such as shares acquired, percentage stake, valuation, or transaction structure are disclosed in the filing. This appears to be a routine post-acquisition compliance disclosure in the technology sector.

  • ·Acquisition disclosure under SAST Reg 10(1)(a), exempt from open offer requirements
  • ·Acquirer identified as 'Ashwin' (details incomplete)
  • ·No financial or shareholding data provided – all metrics NOT_DISCLOSED
UnknownMerger/Acquisitionneutralmateriality 2/10

17-12-2025

SKIL Infrastructure Ltd disclosed under SEBI SAST Regulation 29(2) regarding Edelweiss Asset Reconstruction Company Ltd, indicating a potential substantial acquisition of shares. No details on deal structure, valuation, parties' roles, or quantitative metrics are provided in the filing. This is a regulatory prior intimation, not a confirmed merger or full acquisition announcement.

  • ·Disclosure under Reg 29(2) of SEBI SAST Regulations, 2011 by Edelweiss ARC for SKIL Infrastructure Ltd (BSE: 539861).
  • ·All quantitative data (transaction value, share count, percentage changes, financial metrics) NOT_DISCLOSED.
  • ·No information on deal structure, swap ratio, valuation, approvals, or shareholder impacts explicitly stated.
Siemens LimitedMerger/Acquisitionneutralmateriality 2/10

17-12-2025

BSE received a disclosure under Regulation 29(2) of SEBI (SAST) Regulations, 2011 from Siemens Energy Holdco B.V. regarding Siemens Limited. This indicates prior intimation of a planned substantial acquisition of shares, but no details on structure, size, or terms are provided. Analysis limited to disclosed facts only.

  • ·Disclosure under SEBI SAST Reg 29(2) by Siemens Energy Holdco B.V. (acquirer) for Siemens Ltd (target).
  • ·Event classified as acquisition (not merger/demerger); all quantitative data (deal size, shares, percentages) NOT_DISCLOSED.
  • ·Regulatory compliance filing; no strategic, valuation, or impact details stated.
Siemens Energy India LimitedMerger/Acquisitionneutralmateriality 2/10

17-12-2025

BSE received a disclosure under Regulation 29(2) of SEBI (SAST) Regulations, 2011 from Siemens Energy Holding B.V. & Others regarding Siemens Energy India Ltd (544390). This indicates notice of potential substantial acquisition of shares, but no details on deal structure, valuation, share count, or percentages are disclosed. Analysis limited to this early-stage SAST filing.

  • ·Regulation 29(2) SAST disclosure filed by Siemens Energy Holding B.V. & Others.
  • ·No quantitative data (transaction value, share count, % changes) disclosed.
  • ·Event flagged as Merger/Acquisition but appears to be acquisition-related SAST notice.
STEEL EXCHANGE INDIA LIMITEDMerger/Acquisitionneutralmateriality 3/10

17-12-2025

Steel Exchange India Ltd received a disclosure under Regulation 29(1) of SEBI (SAST) Regulations, 2011 from Catalyst Trusteeship Ltd, signaling intention to acquire substantial shares. No details on deal structure, valuation, share count, or percentage disclosed. This is an early-stage pre-acquisition notice with limited information.

  • ·Regulation 29(1) SAST disclosure by Catalyst Trusteeship Ltd for Steel Exchange India Ltd
  • ·Event dated December 17, 2025, sourced from BSE
  • ·No quantitative data (transaction value, shares, percentages) or strategic details provided
ITC LimitedMerger/Acquisitionneutralmateriality 2/10

17-12-2025

ITC Limited issued an update on BSE regarding the acquisition of the Pulp and Paper Undertaking of Aditya Birla Real Estate Limited on December 17, 2025. The filing provides no details on deal structure, valuation, consideration, or financial metrics. Event classified under technology sector.

  • ·Acquisition of specific undertaking (Pulp and Paper) by ITC Ltd from Aditya Birla Real Estate Limited.
  • ·No quantitative data such as transaction value, share count, percentages, or financial metrics disclosed.
  • ·Informational update; no strategic or regulatory details provided.
Archit Organosys LimitedMerger/Acquisitionneutralmateriality 2/10

17-12-2025

BSE received a disclosure under Regulation 29(2) of SEBI (SAST) Regulations, 2011 from Suchit Kandar Amin & PACs for Archit Organosys Ltd (524640). This signals intention to acquire shares potentially crossing SAST thresholds, but no details on deal structure, value, shares, or percentages are disclosed. Event is classified as substantial acquisition disclosure, not a merger.

  • ·Acquirer: Suchit Kandar Amin & PACs
  • ·Target: Archit Organosys Ltd (BSE: 524640)
  • ·Regulation: SEBI SAST Reg 29(2) - intention to acquire shares
  • ·All quantitative data (transaction value, share count, % changes): NOT_DISCLOSED
Vintage Coffee And Beverages LimitedMerger/Acquisitionneutralmateriality 2/10

17-12-2025

BSE received a disclosure under Regulation 29(2) of SEBI (SAST) Regulations, 2011, from Mohit Rathi & PACs regarding Vintage Coffee And Beverages Ltd (538920). This signals intention to acquire shares potentially crossing substantial acquisition thresholds. No details on deal structure, size, valuation, or rationale are disclosed.

  • ·Regulation 29(2) SAST disclosure filed
  • ·Acquirer: Mohit Rathi & PACs
  • ·Target: Vintage Coffee And Beverages Ltd
  • ·Date: December 17, 2025
  • ·All quantitative data (transaction value, share count, % changes): NOT_DISCLOSED
Roto Pumps LimitedMerger/Acquisitionneutralmateriality 2/10

17-12-2025

Roto Pumps Ltd disclosed under SEBI SAST Regulation 29(2) by Harish Chandra Gupta HUF, indicating a substantial acquisition or disposal of shares crossing specified thresholds. No details on share volume, percentage change, direction (buy/sell), valuation, or parties beyond the discloser are provided. This is not a corporate merger/acquisition but a shareholding threshold disclosure.

  • ·Disclosure under Regulation 29(2) of SEBI (SAST) Regulations, 2011, by Harish Chandra Gupta HUF.
  • ·No quantitative data (transaction value, share count, % changes) disclosed.
  • ·Potential promoter activity signal, but impact unquantifiable without further details.
Achyut Healthcare LimitedMerger/Acquisitionneutralmateriality 2/10

17-12-2025

BSE received a disclosure under SEBI SAST Regulation 29(2) from Akshit M Raycha HUF for Achyut Healthcare Ltd (543499), signaling potential acquisition or change in substantial shareholding. No details on share count, percentage changes, deal structure, valuation, or parties beyond the discloser are provided. This is an early-stage informational filing with no quantitative data.

  • ·Disclosure under Regulation 29(2) of SEBI (SAST) Regulations, 2011
  • ·Discloser: Akshit M Raycha HUF
  • ·No merger/acquisition specifics; appears to be share acquisition intent disclosure
  • ·All quantitative metrics (transaction value, shares, percentages) NOT_DISCLOSED
Geojit Financial Services LimitedMerger/Acquisitionneutralmateriality 2/10

17-12-2025

BNP Paribas S.A. has filed a disclosure under Regulation 29(2) of SEBI (SAST) Regulations, 2011, with BSE for Geojit Financial Services Ltd, indicating intention for potential substantial share acquisition. No details on transaction value, share count, percentage, or structure are disclosed in the filing. This is an early-stage regulatory notice with minimal quantitative information.

  • ·Disclosure by BNP Paribas S.A. under SEBI SAST Reg 29(2)
  • ·Target company: Geojit Financial Services Ltd (BSE: 532285)
  • ·All quantitative data (value, shares, %) NOT_DISCLOSED
Gandhar Oil Refinery (India) LimitedMerger/Acquisitionneutralmateriality 2/10

17-12-2025

Gandhar Coal & Mines Pvt Ltd filed a disclosure under Regulation 29(2) of SEBI (SAST) Regulations, 2011, for Gandhar Oil Refinery (India) Ltd, indicating intent for substantial acquisition of shares or voting rights. No details on deal structure, valuation, parties' stakes, or quantitative metrics are provided in the filing. This is an early-stage regulatory notice requiring further disclosures for full assessment.

  • ·Disclosure by Gandhar Coal & Mines Pvt Ltd under SEBI SAST Reg 29(2) for Gandhar Oil Refinery (India) Ltd (BSE: 544029)
  • ·Event signals potential substantial acquisition; all other details (size, structure, % stake) NOT_DISCLOSED
  • ·India-specific: SAST compliance for acquisitions crossing thresholds (e.g., 5% aggregate)
Blue Cloud Softech Solutions LimitedMerger/Acquisitionneutralmateriality 2/10

17-12-2025

BSE received a disclosure under SEBI SAST Regulation 29(2) from Yarlagadda Janaki regarding share acquisition in Blue Cloud Softech Solutions Ltd (539607), a technology company. No details on shares acquired, percentage change, valuation, or transaction structure are provided in the filing summary. This indicates a potential substantial acquisition event requiring regulatory disclosure.

  • ·Disclosure under Regulation 29(2) of SEBI (SAST) Regulations, 2011
  • ·Acquirer: Yarlagadda Janaki
  • ·All quantitative data (transaction value, share count, % changes) NOT_DISCLOSED
CROISSANCE LIMITEDMerger/Acquisitionneutralmateriality 2/10

17-12-2025

Croissance Ltd (531909) filed a disclosure under SEBI (SAST) Regulations 29(2) on BSE regarding Hemant Bahri, signaling intent for substantial share acquisition. No details on deal structure, size, valuation, or parties beyond the acquirer are provided. This is an early-stage notice in the technology sector with no quantitative data.

  • ·Disclosure under Regulation 29(2) of SEBI SAST for Hemant Bahri
  • ·Target company: Croissance Ltd (BSE: 531909)
  • ·No transaction value, share count, percentages, or financial metrics disclosed
Transport Corporation of India LimitedMerger/Acquisitionneutralmateriality 2/10

17-12-2025

BSE received a disclosure under Regulation 29(2) of SEBI (SAST) Regulations, 2011 from Bhoruka Supply Chain Solutions Holdings Ltd related to Transport Corporation of India Ltd (532349). This pertains to a substantial acquisition or disposal of shares crossing 2% threshold by promoter/PAC. No quantitative details such as share count, percentage, or transaction value are disclosed.

  • ·Regulation 29(2) SAST disclosure indicates promoter/PAC shareholding change >=2% in FY
  • ·Parties: Discloser - Bhoruka Supply Chain Solutions Holdings Ltd; Target - Transport Corporation of India Ltd
  • ·No deal structure, valuation, or financial metrics provided; all quantitative data NOT_DISCLOSED
Sequent Scientific LimitedMerger/Acquisitionneutralmateriality 2/10

17-12-2025

BSE received a disclosure under SEBI SAST Regulation 29(1) from CA Hull Investments & PAC regarding intention to acquire shares in Sequent Scientific Ltd. No details on deal structure, size, valuation, or transaction type are disclosed. This signals early-stage substantial acquisition intent but lacks quantitative specifics.

  • ·Acquirer: CA Hull Investments & PAC
  • ·Target: Sequent Scientific Ltd (512529)
  • ·Disclosure under Reg 29(1) SAST - intention to acquire shares
Shaily Engineering Plastics LimitedMerger/Acquisitionneutralmateriality 2/10

17-12-2025

Shaily Engineering Plastics Ltd received a revised disclosure under Regulation 29(2) of SEBI (SAST) Regulations, 2011, from Laxman Bhogilal Sanghvi. No details on acquisition size, structure, or shareholding changes are disclosed in the filing. This indicates a potential substantial acquisition or disposal crossing disclosure thresholds.

  • ·Revised SAST Reg 29(2) disclosure by individual acquirer Laxman Bhogilal Sanghvi.
  • ·No quantitative data (transaction value, share count, % changes) disclosed.
  • ·Event classified as Merger/Acquisition but appears to be share acquisition disclosure.
PS IT Infrastructure & Services LimitedMerger/Acquisitionneutralmateriality 2/10

17-12-2025

PS IT Infrastructure & Services Ltd (BSE:505502) filed a revised disclosure under Regulation 29(2) of SEBI (SAST) Regulations, 2011, by Swarup Guchhait & Others. No details on acquisition size, shareholding changes, transaction value, or deal structure are disclosed. This pertains to a substantial acquisition of shares event in the technology sector.

  • ·Revised SAST Reg 29(2) disclosure received by BSE on December 17, 2025
  • ·Acquirer: Swarup Guchhait & Others
  • ·Target: PS IT Infrastructure & Services Ltd; no quantitative data (e.g., % stake, value) disclosed
Helpage Finlease Ltd.Merger/Acquisitionneutralmateriality 2/10

17-12-2025

Helpage Finlease Ltd received a disclosure under SEBI SAST Regulation 29(2) from Kusum Goyal & Aloukik Real Estate & Builders Private Limited, signaling intention to acquire substantial shares. No details on deal structure, valuation, share count, or percentages are disclosed. This is an early-stage notice with no quantitative or strategic information provided.

  • ·SEBI SAST Reg 29(2) disclosure for potential substantial acquisition
  • ·Acquirer: Kusum Goyal & Aloukik Real Estate & Builders Pvt Ltd
  • ·All quantitative data (transaction value, shares, percentages) NOT_DISCLOSED
Supreme Infrastructure India LimitedMerger/Acquisitionneutralmateriality 2/10

17-12-2025

Systematix Corporate Services Ltd, as Manager to the Offer, submitted a Public Announcement to BSE on December 17, 2025, for public shareholders of Supreme Infrastructure India Ltd (Target Company). No details on acquirer, deal structure, valuation, or terms are disclosed in the provided filing summary. This indicates initiation of an open offer process, likely under SEBI SAST regulations.

  • ·Public Announcement submitted by Systematix Corporate Services Ltd for Supreme Infrastructure India Ltd shareholders.
  • ·Event classified as Merger/Acquisition, but specific structure (e.g., acquirer, valuation) NOT_DISCLOSED.
  • ·All quantitative data (transaction value, share count, percentages, financial metrics) NOT_DISCLOSED.
Shish Industries LimitedMerger/Acquisitionneutralmateriality 2/10

17-12-2025

Shish Industries Ltd (BSE:540693) filed a disclosure under SEBI SAST Regulation 29(2) from Rameshbhai Virjibhai Kakadiya & PACs, signaling intent to acquire >5% shares/voting rights. No details on deal structure, size, valuation, or transaction type disclosed. This is an early-stage SAST notice with minimal information available.

  • ·Regulation 29(2) SAST disclosure received by BSE
  • ·Acquirer: Rameshbhai Virjibhai Kakadiya & PACs
  • ·Target: Shish Industries Ltd (technology sector); all quantitative metrics NOT_DISCLOSED
Sagar Cements LimitedMerger/Acquisitionneutralmateriality 1/10

17-12-2025

BSE received a disclosure under Regulation 31(1) and 31(2) of SEBI (SAST) Regulations, 2011, from R V Consulting Services Pvt Ltd for Sagar Cements Ltd (502090) on December 17, 2025. No details on mergers, acquisitions, shareholding changes, transaction values, or percentages are provided in the filing. This is a regulatory shareholding disclosure, not a merger/acquisition event.

  • ·Disclosure entity: R V Consulting Services Pvt Ltd
  • ·SEBI SAST Reg 31(1) & 31(2) compliance filing
  • ·No quantitative data (transaction value, share count, % changes: NOT_DISCLOSED)
Mangalam Cement LimitedMerger/Acquisitionneutralmateriality 2/10

17-12-2025

Mangalam Cement Ltd (BSE:502157) filed a disclosure under SEBI (SAST) Regulation 29(2) on December 17, 2025, pertaining to Avayaan Vikram Jalan, indicating a substantial acquisition or disposal of shares crossing disclosure thresholds. No details on transaction size, share count, percentage change, or intent are explicitly stated. This is not a merger or full acquisition announcement but a regulatory shareholding update.

  • ·SEBI SAST Reg 29(2) disclosure for Avayaan Vikram Jalan
  • ·No quantitative data (deal size, shares, % change) disclosed
  • ·Informational filing with no merger/amalgamation details
Gujarat Terce Laboratories LtdMerger/Acquisitionneutralmateriality 2/10

17-12-2025

BSE received a disclosure under SEBI SAST Regulation 10(6) for Aalap Natubhai Prajapati regarding Gujarat Terce Laboratories Ltd (524314), indicating a substantial acquisition event. No details on shares acquired, percentages, valuation, or transaction structure are disclosed in the filing. This is an informational SAST compliance filing with no quantitative data available for materiality assessment.

  • ·Disclosure under Regulation 10(6) of SEBI SAST Regulations, 2011
  • ·Acquirer: Aalap Natubhai Prajapati; Target: Gujarat Terce Laboratories Ltd
  • ·All quantitative metrics (deal size, shares, % changes) NOT_DISCLOSED
UnknownMerger/Acquisitionneutralmateriality 2/10

17-12-2025

Aditya Birla Real Estate Ltd (BSE: 974877) announced an update on the acquisition of its Pulp and Paper business by ITC Limited on December 17, 2025. No details on deal structure, valuation, consideration, or financial metrics are disclosed. This is a factual disclosure under SEBI LODR with limited information available for analysis.

  • ·ITC Limited is the acquirer of Aditya Birla Real Estate Ltd's Pulp and Paper business
  • ·Event classified as acquisition; no merger, demerger, or amalgamation details provided
  • ·All quantitative data (transaction value, share count, percentages, financials) NOT_DISCLOSED
UnknownMerger/Acquisitionneutralmateriality 2/10

17-12-2025

Aditya Birla Real Estate Ltd announced an update on the acquisition of its Pulp and Paper business by ITC Limited via BSE on December 17, 2025. No details on deal structure, valuation, consideration, or financial metrics are disclosed. This represents a divestment of a business unit with limited information available for analysis.

  • ·ITC Limited acquiring Pulp and Paper business from Aditya Birla Real Estate Ltd
  • ·Event classified as acquisition; no merger, demerger, or amalgamation details
  • ·All quantitative data (transaction value, share count, percentages, financials) NOT_DISCLOSED
Aditya Birla Real Estate LimitedMerger/Acquisitionneutralmateriality 2/10

17-12-2025

Aditya Birla Real Estate Ltd (500040) issued a BSE update on December 17, 2025, regarding the acquisition of its Pulp and Paper business by ITC Limited. No details on deal structure, valuation, consideration, or financial metrics are disclosed in the provided summary. The event is classified as a Merger/Acquisition in the technology sector, though the business divested is pulp and paper.

  • ·Acquirer: ITC Limited; Target: Pulp and Paper business of Aditya Birla Real Estate Ltd
  • ·All quantitative data (transaction value, share count, percentages, financial metrics): NOT_DISCLOSED
  • ·No information on swap ratio, synergies, approvals, or shareholder impacts provided
UnknownMerger/Acquisitionneutralmateriality 2/10

17-12-2025

Aditya Birla Real Estate Ltd (975968) announced an update on the acquisition of its Pulp and Paper business by ITC Limited, dated December 17, 2025, via BSE. No details on deal structure, valuation, consideration, or financial impact are disclosed. Sector listed as technology, though business is Pulp and Paper.

  • ·ITC Limited acquiring Pulp and Paper business from Aditya Birla Real Estate Ltd
  • ·Event type: Acquisition (business divestment for target)
  • ·All quantitative data (value, shares, percentages) NOT_DISCLOSED
Continental Securities LimitedMerger/Acquisitionneutralmateriality 3/10

17-12-2025

BSE received a disclosure under SEBI SAST Regulations 29(1) & 29(2) from Raj Khuteta & PAC regarding substantial acquisition of shares in Continental Securities Ltd (538868). No details on transaction value, share count, percentage changes, or deal structure are disclosed. This signals potential change in promoter stake or control in the technology sector firm.

  • ·Disclosure by Raj Khuteta & Persons Acting in Concert (PAC)
  • ·Under SEBI (SAST) Regulations 2011, Reg 29(1) & 29(2)
  • ·Target: Continental Securities Limited (BSE: 538868); all other metrics NOT_DISCLOSED
UnknownMerger/Acquisitionneutralmateriality 2/10

17-12-2025

Aditya Birla Real Estate Ltd provided an update on the acquisition of its Pulp and Paper business by ITC Limited, as per BSE disclosure dated December 17, 2025. No details on deal structure, valuation, consideration, or timelines were explicitly stated. This appears to be a divestment transaction with limited disclosed information.

  • ·Target: Pulp and Paper business of Aditya Birla Real Estate Ltd (scrip 975457)
  • ·Acquirer: ITC Limited
  • ·Event type: Acquisition (business update); all quantitative data NOT_DISCLOSED
  • ·No merger, swap ratio, or financial metrics mentioned
Bannari Amman Sugars LimitedMerger/Acquisitionneutralmateriality 2/10

17-12-2025

Bannari Amman Sugars Ltd (BSE:500041) filed a revised disclosure under SEBI SAST Regulation 29(1) by B Saravanan & PACs, indicating intention for substantial acquisition of shares. No details on deal structure, valuation, shares, percentages, or other metrics are disclosed. This is informational under SAST, not a confirmed merger/acquisition.

  • ·Revised SAST Reg 29(1) disclosure for potential substantial share acquisition
  • ·Acquirer: B Saravanan & PACs (likely promoters)
  • ·All quantitative data (transaction value, share count, % changes) NOT_DISCLOSED
PANABYTE TECHNOLOGIES LIMITEDMerger/Acquisitionneutralmateriality 2/10

17-12-2025

BSE received a disclosure under Regulation 29(2) of SEBI (SAST) Regulations, 2011, from Narayan Das Mundhra for Panabyte Technologies Ltd (538742). This indicates a substantial acquisition or disposal of shares crossing specified thresholds. No details on transaction size, shares acquired, percentages, or structure are disclosed in the filing.

  • ·Disclosure pertains to Narayan Das Mundhra as acquirer under SEBI SAST Reg 29(2)
  • ·No quantitative data (deal value, share count, % change) provided
  • ·Event classified as Merger/Acquisition but aligns with share acquisition disclosure; no merger details mentioned
UnknownMerger/Acquisitionneutralmateriality 2/10

17-12-2025

Aditya Birla Real Estate Ltd (974571) has provided an update on the acquisition of its Pulp and Paper business by ITC Limited, as per BSE disclosure dated December 17, 2025. No details on deal structure, valuation, consideration, or financial metrics are disclosed. Analysis is severely limited by absence of key quantitative or structural information.

  • ·ITC Limited acquiring Pulp and Paper business unit from Aditya Birla Real Estate Ltd.
  • ·Event classified as business acquisition; no merger, demerger, or amalgamation details.
  • ·All quantitative data (transaction value, share counts, percentages, financial metrics) NOT_DISCLOSED.
Godawari Power And Ispat limitedMerger/Acquisitionneutralmateriality 2/10

17-12-2025

Godawari Power and Ispat Ltd intimated acquisition of 7,39,50,000 preference shares in Godawari New Energy Private Limited via rights basis. No transaction value, valuation, or consideration details disclosed. This is an acquisition of shares in a likely subsidiary, not a merger.

  • ·Acquirer: Godawari Power and Ispat Ltd acquiring 7,39,50,000 preference shares
  • ·Target: Godawari New Energy Private Limited
  • ·Transaction type: Rights basis acquisition; all other details (value, swap ratio) NOT_DISCLOSED
Orissa Bengal Carrier LimitedMerger/Acquisitionneutralmateriality 2/10

17-12-2025

BSE received a disclosure under Regulation 29(2) of SEBI (SAST) Regulations, 2011 from Ravi Agrawal for Orissa Bengal Carrier Ltd, indicating potential substantial acquisition of shares. No details on transaction size, shares, percentage, or structure are disclosed in the filing. This is not a merger but a regulatory disclosure for share acquisitions.

  • ·Disclosure under SEBI SAST Reg 29(2) by Ravi Agrawal - signals intention for substantial share acquisition (>5% or 2% change threshold).
  • ·No quantitative data (deal size, shares, % stake) or deal structure provided.
  • ·Event mislabeled as Merger/Acquisition; actually SAST disclosure, not scheme of arrangement.
Balurghat Technologies Ltd.Merger/Acquisitionneutralmateriality 1/10

17-12-2025

Balurghat Technologies Ltd. (BSE: 520127) filed a disclosure under Regulation 29(2) of SEBI (SAST) Regulations, 2011, for Ravi Kant Sethia, indicating a substantial acquisition or disposal of shares. No details on transaction value, share count, percentage changes, parties, structure, or valuation are disclosed. This is a routine SAST compliance filing with no merger/acquisition specifics provided.

  • ·Regulation 29(2) SAST disclosure received by BSE for Ravi Kant Sethia.
  • ·All quantitative data (transaction value, shares, % changes, financials) NOT_DISCLOSED.
  • ·No evidence of merger, acquisition, or amalgamation; event appears misclassified as shareholding change notice.
Signet Industries LimitedMerger/Acquisitionneutralmateriality 2/10

17-12-2025

BSE received a disclosure under SEBI SAST Regulation 29(2) from Mukesh Sangla for Signet Industries Ltd (512131). This indicates a substantial acquisition of shares or voting rights. No details on deal structure, size, valuation, or parties beyond the discloser are provided.

  • ·Regulation 29(2) SAST disclosure by Mukesh Sangla
  • ·Target company: Signet Industries Ltd (BSE: 512131)
  • ·All quantitative data (transaction value, share count, percentages) NOT_DISCLOSED
OXYGENTA PHARMACEUTICAL LIMITEDMerger/Acquisitionneutralmateriality 2/10

17-12-2025

BSE received a disclosure under Regulation 29(2) of SEBI (SAST) Regulations, 2011, for Virupaksha Organics Ltd, in relation to Oxygenta Pharmaceutical Ltd (524636). No details on deal structure, parties, valuation, or quantitative metrics are provided in the filing. This indicates potential substantial acquisition or shareholding change activity in the pharma sector.

  • ·Disclosure under SEBI SAST Regulation 29(2) received by BSE.
  • ·Pertains to Virupaksha Organics Ltd; no acquirer, target, or transaction specifics stated.
  • ·All quantitative data (transaction value, share count, percentages) NOT_DISCLOSED.
Ajanta Soya LimitedMerger/Acquisitionneutralmateriality 3/10

17-12-2025

Ajanta Soya Ltd (519216) filed a disclosure under SEBI SAST Regulation 10(5) regarding an acquisition under Regulation 10(1)(a) by Chander, as received by BSE on December 17, 2025. This indicates a substantial acquisition crossing the 5% shareholding threshold. No details on deal size, share count, valuation, or structure are disclosed.

  • ·Disclosure under Regulation 10(5) for acquisition under Reg 10(1)(a) of SEBI SAST 2011
  • ·Target: Ajanta Soya Ltd
  • ·Acquirer: Chander (name partially mentioned)
  • ·All quantitative data (transaction value, share count, % changes) NOT_DISCLOSED
Looks Health Services LimitedMerger/Acquisitionneutralmateriality 2/10

17-12-2025

BSE received a disclosure under Regulation 29(2) of SEBI (SAST) Regulations, 2011 from Maxgainz Finserve Pvt Ltd pertaining to Looks Health Services Ltd. No details on deal structure, size, shareholding changes, or transaction terms are provided in the filing. This is a preliminary intimation of a potential substantial acquisition.

  • ·Disclosure under Reg 29(2) SAST for acquisition of shares/voting rights in Looks Health Services Ltd (534422)
  • ·Discloser/Acquirer: Maxgainz Finserve Pvt Ltd
  • ·No quantitative data (transaction value, share count, % changes) or strategic details disclosed
T T LimitedMerger/Acquisitionbullishmateriality 1/10

17-12-2025

T T Ltd (BSE: 514142) disclosed acquisition of 921 shares by promoter group member Hardik Jain on December 17, 2025. This minor insider purchase signals mild confidence but lacks details on value, percentage impact, or strategic intent. No merger or large-scale acquisition details provided.

  • ·Promoter group (Hardik Jain) acquired 921 shares – sole quantified fact from filing.
  • ·Event classified as acquisition; no merger, valuation, or structure disclosed.
  • ·Technology sector; SEBI SAST disclosure for promoter stake change.
Shalibhadra Finance Ltd.Merger/Acquisitionneutralmateriality 2/10

17-12-2025

BSE received a disclosure under Regulation 29(2) of SEBI (SAST) Regulations, 2011, from Ayushi Doshi for Shalibhadra Finance Ltd (511754). This pertains to a substantial acquisition of shares and takeovers event, but no details on deal structure, size, or percentages are provided. Labeled as merger/acquisition in technology sector, though specifics are NOT_DISCLOSED.

  • ·Disclosure by Ayushi Doshi under SEBI SAST Reg 29(2)
  • ·Target: Shalibhadra Finance Ltd (BSE: 511754)
  • ·No quantitative data (transaction value, share count, % changes: NOT_DISCLOSED)
Orosil Smiths India LimitedMerger/Acquisitionneutralmateriality 2/10

17-12-2025

Orosil Smiths India Ltd (BSE:531626) filed a disclosure under SEBI SAST Regulation 29(2) for B K Narula HUF, indicating promoter encumbrance activity on shares. No details on transaction value, share count, percentage changes, or nature of encumbrance (pledge creation/closure) are provided. This is not a merger/acquisition but a regulatory promoter disclosure.

  • ·SEBI SAST Reg 29(2) disclosure received from promoter entity B K Narula HUF.
  • ·All quantitative data (transaction value, share count, % changes, shareholding patterns, financial metrics) NOT_DISCLOSED.
  • ·No merger, acquisition, or amalgamation details; event misclassified as M&A.
Gopal Snacks LimitedMerger/Acquisitionneutralmateriality 1/10

17-12-2025

BSE received a disclosure under SEBI SAST Regulations 31(1) and 31(2) for Gopal Snacks Ltd on December 17, 2025, from Bipinbhai Vithalbhai Hadvani. No details on deal structure, transaction value, shareholding changes, or acquisition specifics are provided in the filing. All quantitative data including transaction value, share count, and percentage changes are NOT_DISCLOSED.

  • ·Routine SAST shareholding disclosure by individual Bipinbhai Vithalbhai Hadvani
  • ·No merger/acquisition details; not explicitly a deal announcement
  • ·Critical data missing: parties, valuation, % changes, financial metrics all NOT_DISCLOSED
Yatharth Hospital & Trauma Care Services LimitedMerger/Acquisitionneutralmateriality 1/10

17-12-2025

Yatharth Hospital & Trauma Care Services Ltd filed a revised disclosure under SEBI SAST Regulations 31(1) and 31(2) on December 17, 2025, by Dr. Kapil Kumar. No details on mergers, acquisitions, shareholding changes, or quantitative data are provided in the filing summary. This is a regulatory compliance update, not a confirmed deal event.

  • ·Revised SAST disclosure for Dr. Kapil Kumar
  • ·No merger/acquisition details, deal structure, valuation, or numerical data disclosed
  • ·Healthcare company; sector labeled as technology appears erroneous
SPICE LOUNGE FOOD WORKS LIMITEDMerger/Acquisitionneutralmateriality 2/10

17-12-2025

Spice Lounge Food Works Ltd (BSE:539895) board approved acquisition of Singapore-based Prisha Infotech Pte. Ltd. for USD 150,000 on December 17, 2025. This cash acquisition targets a technology entity, marking diversification from food services. No financials, synergies, or shareholding impacts disclosed.

  • ·Acquisition (not merger) of Prisha Infotech Pte. Ltd. for USD 150,000 (cash consideration implied)
  • ·Acquirer: Spice Lounge Food Works Ltd; Target: Singapore tech firm
  • ·All other metrics (shares, ratios, financials, approvals) NOT_DISCLOSED
UnknownMerger/Acquisitionneutralmateriality 2/10

17-12-2025

Narayana Hrudayalaya Ltd has issued a newspaper publication notice for convening meetings of members and creditors, as directed by NCLT Bengaluru Branch, in relation to a proposed scheme (likely merger/amalgamation). No details on parties, structure, valuation, or rationale are disclosed in the filing. This represents an early regulatory step with limited materiality at this stage.

  • ·NCLT Bengaluru directs meetings of members/creditors for scheme approval
  • ·Event classified as Merger/Acquisition but specifics NOT_DISCLOSED
  • ·Quantitative data (deal size, swap ratio, shareholding changes) all NOT_DISCLOSED
Cyient LimitedMerger/Acquisitionneutralmateriality 2/10

17-12-2025

Cyient Limited (532175) announced an acquisition on December 17, 2025, via BSE filing in the technology sector. No details on deal structure, parties, valuation, or quantitative metrics are disclosed in the provided information. Analysis is constrained to the basic announcement, with all specifics marked as NOT_DISCLOSED.

  • ·Event: Acquisition by Cyient Ltd
  • ·Source: BSE filing dated December 17, 2025
  • ·Sector: Technology; no further details on target, value, or terms provided

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India Technology Sector Merger & Acquisition Filings — December 17, 2025 | Gunpowder Blog