Ajel Limited announced on October 5, 2026, that it has signed an in-principle letter of intent (LOI) to acquire the business of M/s Zineeverse Motion Pictures Private Limited. The proposed transaction involves acquiring the media company's operations through a share swap, where Ajel will issue its own equity shares as consideration.

The acquisition is limited specifically to the business assets and operations of Zineeverse, a Hyderabad-based entity engaged in digital streaming services, software development for media projects, and the production and distribution of filmed content. This move signals Ajel's intent to expand its footprint in the digital media and content production sector.

Transaction Structure and Terms

The deal is structured as an asset acquisition rather than a share purchase of the target company itself. Under the terms outlined in the LOI, the consideration will be paid entirely in Ajel Limited equity shares. The specific number of shares to be issued, along with the valuation of the acquired business, will be determined during the due diligence phase and recorded in definitive agreements.

Key components of the proposed transaction include:

• Nature of Deal: Acquisition of the business of Zineeverse Motion Pictures Private Limited.
• Consideration: Equity shares of Ajel Limited issued against the acquired business.
• Validity: The LOI remains valid for two months from the date of acceptance or until definitive agreements are executed, whichever is earlier.
• Jurisdiction: Governed by Indian laws with exclusive jurisdiction in Hyderabad courts.

Due Diligence and Regulatory Approvals

The completion of the transaction is contingent upon satisfactory legal, financial, tax, and business due diligence. Ajel Limited and its advisors will have reasonable access to Zineeverse's books, records, contracts, film rights, intellectual property, and statutory filings.

Furthermore, the proposal requires approval from the respective Boards of Directors and shareholders of both entities. It is also subject to all necessary regulatory and statutory approvals, including compliance with the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

What the Numbers Show

While the source document does not disclose the financial valuation of Zineeverse Motion Pictures or the specific exchange ratio for the share swap, the structural choice of a share swap over a cash acquisition preserves Ajel Limited's cash reserves. By issuing equity instead of cash, the acquirer avoids immediate liquidity outflow, though this approach may result in dilution of existing shareholders' stakes once the new shares are issued. The two-month validity period suggests an aggressive timeline for finalizing the definitive agreements.

Ajel Limited adopted its audited financial statements for FY26 during its 32nd Annual General Meeting, with 99.999% of valid votes cast in favor. The resolution passed with requisite majority following remote e-voting results declared on October 1, 2026.

The meeting, conducted via Video Conferencing on September 30, 2026, saw members approve the Board and Auditors' reports alongside consolidated accounts. Chairman and Managing Director Srinivasa Reddy Arikatla chaired the proceedings, which commenced at 10:00 am and concluded by 10:15 am.

Voting Results Breakdown

The primary business transacted was the adoption of the audited financial statements (including consolidated) for FY26. Scrutinizer C V Reddy K submitted his report confirming the results based on data from National Securities Depository Limited (NSDL).

Meeting Proceedings and Attendance

The requisite quorum was present as per Section 103 of the Companies Act, 2013. Electronic voting facilities were provided for all resolutions set forth in the notice dated September 5, 2026. Key directors present included:

Regulatory Compliance

Pursuant to Regulation 44(3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company disclosed the voting results to stock exchanges. The e-voting period remained open from 9:00 am on September 25, 2026, till 5:00 pm on September 29, 2026. Shareholders holding shares as on the cut-off date of September 23, 2026, were entitled to vote.

No invalid or abstained votes were recorded in either remote or venue-based voting modes. The meeting ended with a vote of thanks delivered by the chairman.