TRF Ltd saw its shareholding pattern shift as Counter Cyclical Investments Private Limited increased its stake through open market purchases. The acquisition took place on October 16, 2026, raising the investor's total holding in the company.

Counter Cyclical Investments Private Limited, acting as a Portfolio Manager for its clients, disclosed the change under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The entity was not part of the promoter or promoter group prior to this transaction.

Acquisition details

The acquirer purchased 12,670 equity shares carrying voting rights. This transaction represents a 0.12% increase relative to the total voting capital. The mode of acquisition was strictly through the open market, with no involvement of off-market transfers, preferential allotments, or convertible securities.

Shareholding structure

Prior to the transaction, Counter Cyclical Investments Private Limited held 578,415 shares, constituting 5.26% of the company's equity. Following the purchase, the total holding stands at 591,085 shares, which accounts for 5.37% of the diluted and total voting capital.

The disclosure confirms that the acquirer holds no shares in the nature of encumbrance, such as pledges or liens, nor do they hold any warrants or convertible securities that would entitle them to additional voting rights. The total equity share capital of the target company remains unchanged at 11,004,412 shares both before and after the acquisition.

What the numbers show

The incremental acquisition of 12,670 shares represents a marginal addition to an already substantial existing position. The acquirer’s stake has moved from just above the 5% threshold to 5.37%, indicating a continued accumulation strategy rather than a sudden large-scale entry. Since the total voting capital remained constant at 11,004,412 shares, the increase in percentage holding is purely driven by the absolute increase in share count by the acquirer.

TRF Limited approved its standalone and consolidated financial results for the quarter and half-year ended September 30, 2026, during a board meeting held on October 13, 2026.

The Board of Directors reviewed and sanctioned the audited Standalone Financial Results alongside unaudited Consolidated Financial Results. The disclosure was submitted to BSE Limited and National Stock Exchange of India Limited pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Audit opinion and compliance

Price Waterhouse & Co Chartered Accountants LLP issued an independent auditor's report on the standalone quarterly financial results for the quarter ended September 30, 2026, and year-to-date results from April 1, 2026, to September 30, 2026.

The auditors stated that the Standalone Financial Results are presented in accordance with Regulation 33 of the Listing Regulations, 2015. They further confirmed that the statements give a true and fair view in conformity with applicable accounting standards prescribed under Section 133 of the Companies Act, 2013.

Meeting details

The board meeting commenced at 2:30 pm (IST) and concluded at 3:48 pm (IST). The company made the disclosure available on its official website at www.trf.co.in .

This filing marks the formal approval of the financial performance for the second quarter of fiscal year 2027, with specific emphasis on the audited nature of the standalone accounts as required by regulatory norms.