Keshav Power Acquires 35.90% Stake In Dalmia Bharat In Intra-Group Restructuring
By Shishta Dutta | Updated at: Jan 7, 2026 02:37 PM IST
New Delhi, June 17 — Keshav Power Limited has announced a substantial acquisition of Dalmia Bharat Limited (DBL) through a Scheme of Amalgamation. The acquisition became effective June 13, 2025, post NCLT approval, following the merger of four transferor companies into Keshav Power.
Keshav Power, along with the four transferor companies, is part of the same promoter group of DBL, making this an intra-group restructuring. This transaction, governed under Regulation 29(2) of SEBI (SAST) Regulations, 2011, included the transfer of 6.73 crore equity shares (35.90% equity), raising its holding from 0.52% to 36.42% of DBL’s paid-up capital.
Shareholding Snapshot
| Category | No. of Shares | % of Voting Capital |
|---|---|---|
| Pre-Acquisition Holding | 10,47,31,548 | 55.84% |
| – Keshav Power Ltd | 9,80,106 | 0.52% |
| – PACs | 10,37,51,442 | 55.32% |
| Shares Acquired | 6,73,35,614 | 35.90% |
| Post-Acquisition Holding | 10,47,31,548 | 55.84% |
| – Keshav Power Ltd | 6,83,15,720 | 36.42% |
| – PACs | 3,64,15,828 | 19.42% |
Transaction Details
| Particulars | Description |
|---|---|
| Mode of Acquisition | Scheme of Amalgamation under Companies Act |
| Effective Date | June 13, 2025 |
| Court Approval | National Company Law Tribunal, Cuttack Bench (Order dated May 30, 2025) |
| Transferor Companies | Ankita Pratisthan Ltd, Mayuka Investment Ltd, Shree Nirman Ltd, Sarvapriya Healthcare Solutions Pvt Ltd |
| Transferee Company | Keshav Power Limited |
| Equity Capital of Target Company | ₹18,75,65,161 (Shares of ₹2 each) before and after acquisition |
SEBI Compliance
This acquisition was disclosed under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. It is notable that no open offer was triggered, as all entities involved in the amalgamation already formed part of DBL’s promoter group, and there was no change in aggregate shareholding pre- and post-amalgamation.
Stock Performance
While Dalmia Bharat’s stock opened strong on Wednesday at ₹2,060.25 and touched an intraday high of ₹2,085.10, it later eased to ₹2,056.00 by 1:28 PM, down ₹6 or 0.29% for the day on the BSE.
Outlook
Such internal restructurings are often an effort to streamline ownership, improve transparency, and strengthen overall corporate governance within large business groups. The amalgamation is likely aimed at simplifying the promoter group structure of Dalmia Bharat Limited, a major cement manufacturer with a strong presence across India.
About the Company
Keshav Power Limited is part of the Dalmia Bharat Group and operates as a promoter entity. The company has executed this amalgamation to consolidate promoter holdings under a single umbrella, enhancing transparency and operational alignment. Dalmia Bharat Limited is a publicly listed entity engaged in cement manufacturing, power, and allied businesses, listed on both NSE and BSE.
REF: https://www.bseindia.com/xml-data/corpfiling/AttachLive/DAB89BA0_97C1_4613_B8E2_046D59D077F9_101159.pdf
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