Surplus Finvest Private Limited has filed mandatory disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, following the conversion of 30,00,000 warrants into equity shares of Future Market Networks Limited. The promoter entity submitted the disclosure to BSE Limited and National Stock Exchange on March 30, 2026, detailing the acquisition that resulted in increased shareholding in the target company.

Warrant Conversion Transaction Details

The warrant conversion was executed on March 27, 2026, through a Board resolution, with Surplus Finvest Private Limited converting 30,00,000 warrants into equity shares on a 1:1 ratio. The transaction was completed under the provisions of SEBI (ICDR) Regulations, 2018, generating ₹3.36 crore in proceeds for Future Market Networks Limited.

Shareholding Pattern Changes

Following the warrant conversion, Surplus Finvest Private Limited's shareholding in Future Market Networks Limited increased significantly. The promoter entity's equity holding rose from 32,45,494 shares to 62,45,494 shares, while retaining 65,00,000 unconverted warrants for future conversion.

SEBI Regulatory Compliance Framework

The disclosure filing demonstrates adherence to multiple SEBI regulatory frameworks. Surplus Finvest Private Limited, identified by PAN AAFCS0533G, submitted the mandatory disclosure as a promoter entity under the substantial acquisition regulations, ensuring transparency in shareholding changes.

Share Capital Impact and Outstanding Position

The warrant conversion increased Future Market Networks Limited's equity share capital from 6,06,44,381 shares to 6,36,44,381 shares, representing a capital base expansion of ₹3.00 crore at face value. The total diluted share capital, assuming full conversion of all outstanding warrants, stands at 9,00,44,381 equity shares valued at ₹90.04 crore.

Surplus Finvest Private Limited retains conversion rights for the remaining 65,00,000 warrants, which can be exercised within 18 months from the original allotment date of December 18, 2024. The warrants require payment of the remaining 75% consideration upon conversion, providing the company with potential additional capital infusion of approximately ₹7.28 crore if fully exercised.

Future Market Networks Limited announced its unaudited financial results for the quarter and nine months ended December 31, 2025, following Board approval on February 10, 2026. The company operates primarily in property and related services, delivering mixed performance across key financial metrics during the reporting period.

Financial Performance Overview

The company's standalone operations showed resilience with total income reaching ₹2,407.25 lakhs in Q3FY26, compared to ₹2,571.64 lakhs in the corresponding quarter of the previous year. Net profit for the quarter stood at ₹220.63 lakhs, down from ₹628.44 lakhs in Q3FY25.

Nine-Month Performance Analysis

For the nine months ended December 31, 2025, the company demonstrated stronger overall performance with total income of ₹7,420.78 lakhs compared to ₹7,386.75 lakhs in the previous year. Net profit reached ₹684.11 lakhs, though significantly lower than the exceptional ₹9,594.27 lakhs reported in the corresponding period of FY25.

Consolidated Results

On a consolidated basis, the company reported total income of ₹2,692.66 lakhs for Q3FY26 against ₹2,849.49 lakhs in Q3FY25. Consolidated net profit attributable to owners stood at ₹194.54 lakhs compared to ₹644.84 lakhs in the previous year quarter.

Regulatory Compliance

Pursuant to Regulation 47 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company published its financial results in newspapers on February 11, 2026. The results were published in Free Press Journal (English) and NavShakti (Marathi), ensuring compliance with regulatory requirements for public disclosure.

Corporate Developments

The Board of Directors approved revisions to the Future Market Networks Limited Employee Stock Option Scheme, 2025, incorporating changes advised by stock exchanges. The revised scheme will be available on the company's website upon receiving in-principle approval from exchanges.

Legal and Regulatory Matters

The company continues to navigate several significant legal proceedings:

• Yes Bank/JC Flower Matter: Demand notice for ₹18,448.96 lakhs with hearings scheduled for February 11, 2026, and February 19, 2026
• Arbitral Award Dispute: ₹12.90 crores award matter with next hearing on February 13, 2026
• Subsidiary Legal Issues: Suhani Mall Management Company facing proceedings related to ₹13,24,196,228.56 loan recovery

Auditor's Review

Statutory auditors Bakliwal & Co., Chartered Accountants, issued limited review reports on both standalone and consolidated results with emphasis on contingent liabilities related to corporate guarantees and asset pledges. The auditors expressed unmodified opinions on the financial statements while drawing attention to ongoing legal matters.

Outlook Considerations

The company maintains its focus on property and related services as its primary business segment. With paid-up equity share capital of ₹6,064.44 lakhs and multiple legal proceedings progressing through various stages, the company's performance will likely depend on resolution of these matters and operational improvements in its core business activities.