Astonea Labs Limited has successfully completed the acquisition of a 25.74% equity stake in Damaira Pharmaceuticals Private Limited, utilizing ₹6.25 crore from its reallocated IPO proceeds. The transaction marks the completion of a strategic investment approved by shareholders at an Extraordinary General Meeting held on 27th March, 2026.

Acquisition Transaction Details

The company acquired 52,00,000 equity shares of Damaira Pharmaceuticals at an issue price of ₹12.02 per share, comprising a face value of ₹10.00 and a premium of ₹2.02. The acquisition was completed using funds from the variation in IPO objects, following comprehensive regulatory approvals and shareholder consent.

Target Company Profile

Damaira Pharmaceuticals Private Limited, incorporated on 29th July, 2020, operates in the pharmaceutical industry focusing on development, manufacturing, and trading of pharmaceutical products. The company has demonstrated significant growth trajectory with substantial revenue increases over recent years.

IPO Proceeds Reallocation Background

As of 26th February, 2026, Astonea Labs had unutilised IPO proceeds of ₹8,08,68,232 out of total IPO proceeds of ₹37,66,50,000. The reallocation of ₹6,25,00,000 constituted a 16.59% variation in the total IPO proceeds and received unanimous shareholder approval without any dissenting votes.

Strategic Investment Rationale

The acquisition aligns with Astonea Labs' strategic objectives to expand its footprint in the pharmaceutical sector and strengthen business operations. The investment is expected to create long-term value through synergies, including expansion into new product segments and markets, while enhancing the company's overall growth prospects.

Regulatory Compliance and Valuation

The transaction received comprehensive regulatory approvals through a structured process. Mr. Hitesh Jhamb of M/s Jhamb & Associates, an independent registered valuer, determined the fair value of equity shares based on the Net Asset Value method under the Cost Approach through a valuation report dated 11th March, 2026. The acquisition does not fall within related party transactions and was conducted on an arm's length basis.

Astonea Labs Limited has submitted the voting results and scrutinizer's report for its Extraordinary General Meeting (EGM) held on March 27, 2026, in compliance with Regulation 44(3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company announced that all eight resolutions presented to shareholders were approved with requisite majority, including the adoption of new Articles of Association.

Meeting Details and Attendance

The EGM was conducted at the company's corporate office located at 63, Industrial Area, Phase-2, Panchkula, Haryana. The meeting commenced at 11:00 A.M. (IST) and concluded at 12:35 P.M. (IST), with a total of 8 members present in person.

Leadership and Voting Process

Mr. Ashish Gulati, Chairman, presided over the proceedings, while Mr. Ankit Kapoor, Company Secretary, managed the meeting formalities. Mr. Himanshu Gupta of Himanshu S K Gupta & Associates was appointed as scrutinizer to oversee both the e-voting process and poll voting at the meeting.

E-Voting and Poll Results

The company facilitated remote e-voting through NSDL from March 23, 2026 (Monday) at 9:00 A.M. to March 26, 2026 (Thursday) at 5:00 P.M. The cut-off date for determining eligible shareholders was March 20, 2026.

Resolution Outcomes

All eight resolutions were unanimously approved by shareholders with 100% votes in favor. The resolutions covered critical corporate governance matters including IPO object variation, related party transactions, and executive remuneration.

Articles of Association Adoption

In a formal disclosure to BSE Limited under Regulation 30, the company confirmed the adoption of new Articles of Association effective from March 27, 2026. The new AoA aims to align governance provisions with the Companies Act, 2013, incorporate SEBI listing requirements, clarify member and director responsibilities, and strengthen corporate governance practices.

Key Approved Resolutions

The approved resolutions included variation in IPO object terms for acquisition of equity in Damaira Pharmaceuticals Pvt. Ltd., ratification of cost auditor remuneration for FY 2025-26, adoption of new Articles of Association, and approval of material related party transactions with Astonea One Private Limited, Ascot Biolabs Private Limited, and Shinto Organics for FY 2026-27.

Regulatory Compliance

The voting results and scrutinizer's report were submitted to BSE Limited under Regulation 44(3) of SEBI regulations. Company Secretary Ankit Kapoor confirmed that all procedural requirements were met and results would be made available on the company's website at www.astonea.org for transparency and regulatory compliance.