Aica Kogyo Company, Limited has increased its shareholding in Stylam Industries Limited to 40% following an off-market acquisition of 17,16,240 equity shares on June 17, 2026. The transaction, representing 10.13% of the paid-up voting share capital, was executed pursuant to the second closing of a share purchase agreement. This acquisition consolidates the acquirer's position as a promoter of the target company.

The disclosure was made under Regulation 29(2) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. Prior to this transaction, Aica Kogyo Company, Limited held 50,62,984 shares, amounting to a 29.87% stake. The latest purchase brings the total holding to 67,79,224 shares, constituting exactly 40% of the total voting capital.

The acquisition is part of a larger agreement initiated on December 26, 2025, involving two share purchase agreements with the Seller Group 1 and Seller Group 2. The acquirer had previously acquired 45,96,768 shares representing 27.12% of the share capital in February 2026. Additionally, an open offer was made to public shareholders, resulting in the acquisition of 4,66,116 shares representing 2.75% of the share capital.

The equity share capital of Stylam Industries Limited stands at ₹8,47,40,300, divided into 1,69,48,060 equity shares of ₹5 each. The total diluted share capital remains unchanged. The shares of Stylam Industries Limited are listed on BSE Limited and National Stock Exchange of India Limited.

Shareholding Details

The acquirer confirmed that there are no shares encumbered or warrants held. The transaction was signed by Nobuyoshi Sakai, Senior Executive Officer of Aica Kogyo Company, Limited, on June 18, 2026.

Stylam Industries appointed nine additional directors to its board, including Mr. Naruhiro Amada as Executive Director (Whole Time Director), effective from the close of business hours on June 17, 2026. The board also approved the amendment and restatement of the company's Articles of Association to grant special rights to Aica Kogyo Company, Limited. These decisions were taken during a board meeting held on June 17, 2026, and are subject to the approval of the shareholders.

The appointments follow a shareholders' agreement executed on December 26, 2025, among Stylam Industries, Aica Kogyo, and other parties. Mr. Tirloki Nath Singla was appointed as a Non-Executive Independent Director for a term of five years. The other appointees include Mr. Kenji Ebihara, Mr. Nobuyuki Omura, Mr. Yuji Iwatsuka, Mr. Koshi Suzuki, Mr. Makoto Tanaka, and Mr. Adisak Thiaphairat, all as Non-Executive Directors with a five-year term.

Special Rights to Aica Kogyo

The board approved granting special rights to Aica Kogyo pursuant to Regulation 31B of the SEBI Listing Regulations. These rights include the ability for Aica to nominate up to eight directors to the board, provided it holds at least 5% of the company's issued, paid-up, and voting share capital. Aica directors will constitute the majority of the directors present at any board meeting unless the quorum requirement is waived in writing by Aica prior to the meeting.

Director Profiles

Mr. Naruhiro Amada, the newly appointed Executive Director, holds a Bachelor's degree in Commerce and has 24 years of experience with Aica Kogyo Company Limited. He was previously the Managing Director at Aica Laminates India Pvt Ltd. Mr. Tirloki Nath Singla, the Non-Executive Independent Director, is a Chartered Accountant with over 40 years of experience in taxation, audit, and corporate governance.

The board also approved an increase in the managerial remuneration of Mr. Jagdish Gupta, Managing Director, and Mr. Manit Gupta, Whole Time Director. The meeting commenced at 03:00 P.M. and concluded at 03:50 P.M.