Anant Raj Limited's board has approved a composite scheme of arrangement to merge its wholly owned subsidiary, Anant Raj Cloud Private Limited, with itself, and subsequently demerge its data centre and cloud services business into a separate listed entity, Ashok Cloud Private Limited. Approved on July 21, 2026, the scheme aims to create two focused independent listed companies, allowing the high-growth data centre vertical to operate separately from the real estate and infrastructure business. Shareholders of Anant Raj Limited will receive one fully paid-up equity share of face value ₹2 each in Ashok Cloud Private Limited for every one share held in Anant Raj Limited.

The composite scheme involves the consolidation of all data centre operations under one entity before the demerger. Anant Raj Cloud Private Limited (ARCPL), a wholly owned subsidiary, will first be amalgamated with Anant Raj Limited, following which the data centre undertaking will be transferred to Ashok Cloud Private Limited (ACPL). The transaction is subject to approvals from shareholders, creditors, BSE Limited, National Stock Exchange of India Limited, Securities and Exchange Board of India (SEBI), and the National Company Law Tribunal (NCLT) under Sections 230 to 232 of the Companies Act, 2013.

Strategic Rationale and Business Focus

The board stated that the segregation will facilitate independent market recognition and valuation, given the distinct operating profiles and growth trajectories of the two businesses. Anant Raj Limited will continue to focus on real estate and infrastructure development, spanning residential townships, commercial developments, and hospitality projects. Ashok Cloud Private Limited will emerge as a dedicated digital infrastructure company providing advanced data centres, co-location services, sovereign public cloud offerings, and Artificial Intelligence (AI) ready cloud infrastructure.

Amit Sarin, Managing Director of Anant Raj Ltd, highlighted that the restructuring is designed to provide greater strategic focus, management autonomy, and flexibility. He noted that bringing together data centre operations will create a scalable platform to attract investments and pursue strategic partnerships in the digital infrastructure sector. The demerger is expected to enhance operational agility and unlock long-term value for shareholders.

Financials of Involved Entities

The following table outlines the financial metrics of the three companies involved in the scheme as of March 31, 2026:

Shareholding Pattern

The demerged undertaking reported a turnover of ₹145.90 crore, representing 8.96% of the total turnover of ₹1,627.72 crore for Anant Raj Limited as of March 31, 2026. Following the demerger, the shareholding pattern of Ashok Cloud will comprise 79.14% held by promoters and 20.86% held by the public. The shareholding pattern of Anant Raj Limited will remain unchanged, with promoters holding 57.42% and the public holding 42.58%.

Anant Raj has completed the acquisition of 37,43,22,553 fully paid-up equity shares in its wholly owned subsidiary, Ashok Cloud Private Limited, for a total consideration of Rs. 74,86,45,106. The transaction, finalized on July 21, 2026, was executed through a rights issue to fund the development of data centers and cloud business. This strategic capital infusion meets the funding requirements for the subsidiary's expansion in the data center and cloud sectors.

Investment and Shareholding Details

The rights issue has significantly expanded Ashok Cloud's equity base. The paid-up equity share capital increased from Rs. 5,00,000, comprising 2,50,000 equity shares, to Rs. 74,91,45,106, comprising 37,45,72,553 equity shares. Anant Raj's shareholding rose correspondingly from 2,50,000 to 37,45,72,553 fully paid-up equity shares. The company maintains its 100% shareholding and voting rights in the subsidiary post-allotment.

Regulatory and Strategic Context

The transaction constitutes a related party transaction but is exempt under Regulation 23(5) of the SEBI Listing Regulations. Ashok Cloud, incorporated on October 11, 2021, is engaged in the data center and cloud business with a net worth of Rs. 4.39 lakh as of March 31, 2026. The subsidiary reported nil turnover for the financial years 2023-24, 2024-25, and 2025-26. The investment is classified as an immediate completion with cash consideration and requires no specific governmental or regulatory approvals.