GMD Corporate Advisors LLP has acquired a 5.6% stake in Ashoka Refineries Limited through an off-market transaction. The acquisition, which took place on May 21, 2026, involved the purchase of 1,90,800 equity shares. This transaction has increased the acquirer's holding to 5.6% of the total voting capital of the target company.

The disclosure was made under Regulation 29 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. GMD Corporate Advisors LLP confirmed that it does not belong to the promoter or promoter group of Ashoka Refineries Limited. The shares of Ashoka Refineries Limited are listed on BSE Limited.

The total equity share capital and total voting capital of Ashoka Refineries Limited stood at 3,40,19,000 both before and after the acquisition. The total diluted share/voting capital also remained unchanged at 3,40,19,000 following the transaction.

Acquisition Details

The following table outlines the specifics of the share acquisition:

Acquirer Information

GMD Corporate Advisors LLP, based in Delhi, acted as the acquirer in this transaction. The Permanent Account Number (PAN) of the acquirer is AARFG9739M. The authorized signatory for the disclosure confirmed the details of the acquisition.

Ashoka Refineries Limited reported a narrowed net loss of ₹15.50 lakh for the financial year ended March 31, 2026, compared to a net loss of ₹16.68 lakh in the previous year. The company's revenue from operations declined significantly to ₹3.64 lakh in FY26 from ₹31.34 lakh in FY25, primarily due to reduced business activities. The Board of Directors approved the standalone audited financial results for the quarter and year ended March 31, 2026, at a meeting held on May 29, 2026.

Financial Performance

The company's total income for FY26 stood at ₹3.64 lakh, a sharp decrease from ₹31.34 lakh in the previous year. Total expenses for the year reduced to ₹19.14 lakh from ₹48.02 lakh in FY25. For the quarter ended March 31, 2026, the company reported a net loss of ₹4.14 lakh on revenue of ₹0.84 lakh. The basic and diluted earnings per share (EPS) for FY26 were recorded at a loss of ₹0.39, compared to a loss of ₹0.43 in the prior year.

Auditor's Report and Compliance

M/s. Batra Deepak & Associates, Chartered Accountants, the statutory auditors, issued an audit report with an unmodified opinion on the standalone audited financial results. The report confirms that the financial statements present a true and fair view in conformity with Indian Accounting Standards (Ind AS). The financial results were reviewed by the Audit Committee and subsequently adopted by the Board.

Cash Flow and Balance Sheet Position

The company's cash and cash equivalents decreased to ₹12.39 lakh as of March 31, 2026, from ₹29.59 lakh in the previous year. Net cash from operating activities was negative at ₹17.18 lakh for FY26. The total assets of the company stood at ₹265.46 lakh, while total equity and liabilities amounted to ₹265.46 lakh as of March 31, 2026.