Fine Organic Industries promoter Jayen Ramesh Shah acquired 3,06,978 equity shares from his Hindu Undivided Family (HUF) entity on September 7, 2026. The acquisition followed the partition of the HUF and was executed as an off-market transaction.

The deal falls under Regulation 10(1)(a)(ii) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, which exempts inter-se transfers among qualifying persons who have been named as promoters for at least three years. No consideration was paid for the shares, as the transfer occurred within the promoter group.

Shareholding Changes

Prior to the transaction, Jayen Ramesh Shah held 49,16,366 shares, representing 16.04% of the company’s total share capital. Following the acquisition, his holding increased to 52,23,344 shares, or 17.04%.

The transferor, Jayen R Shah HUF (with Jayen Ramesh Shah as Karta), held 3,06,978 shares (1.00%) before the partition and holds zero shares post-transaction. The total promoter group stake remained unchanged at 75.00% of the diluted share capital.

Regulatory Compliance

The acquirer filed the required disclosure under Regulation 10(5) with the stock exchanges on August 27, 2026, adhering to the specified timeline. The final report under Regulation 10(6) was submitted to BSE Limited and National Stock Exchange of India Limited on September 8, 2026.

Other promoters and persons acting in concert (PACs), including Mukesh Maganlal Shah, Tushar Ramesh Shah, and Bimal Mukesh Shah, retained their existing stakes without any change during this transaction.

Fine Organic Industries Limited has executed share transfer agreements to acquire an 80% equity stake in Oleofine Organics SDN. BHD. The acquisition, completed on September 2, 2026, involves a cash consideration of up to RM 3,42,08,000.

The target entity, incorporated in Malaysia in 1988, operates within the specialty chemicals sector. This business line aligns directly with Fine Organic Industries' core operations and growth strategy. The transaction requires no governmental or regulatory approvals.

Transaction Structure

The acquisition involves purchasing shares from existing shareholders of Oleofine Organics SDN. BHD. A significant portion of the deal constitutes a related-party transaction.

• 50% stake: Acquired from Smoothex Chemicals Private Limited, a promoter group entity of Fine Organic Industries.
• 30% stake: Acquired from other unrelated existing shareholders.

Key promoters of Fine Organic Industries, including Chairman Mukesh Shah, Managing Director Jayen Shah, and CEO Tushar Shah, hold directorships or membership in Smoothex. The company stated that the transaction will be carried out on an arm's length basis.

Financial Profile of Target

Oleofine Organics reported consistent turnover growth over the last three fiscal years ending January 31. The financial data indicates a strengthening revenue base for the acquired entity.

As of January 31, 2026, the net worth of Oleofine Organics stood at RM 3,42,45,075, equivalent to approximately ₹79.65 crore. The paid-up share capital of the target is RM 10,00,000.

What the Numbers Show

The acquisition cost of RM 3,42,08,000 is nearly identical to the target's disclosed net worth of RM 3,42,45,075 as of January 31, 2026. This parity suggests the valuation is anchored closely to the book value of the entity rather than commanding a significant premium for goodwill or future earnings potential. Additionally, the turnover for FY26 represents a notable increase from the previous year's RM 2.29 crore, indicating recent operational scaling prior to the buyout.