Kama Holdings Limited has approved a ₹690.30 crore capital infusion into its wholly owned subsidiary, KAMA Realty (Delhi) Limited (KRDL). The Board of Directors sanctioned the subscription to 1,17,000 equity shares on September 9, 2026.

The investment aims to strengthen the subsidiary's capital structure and facilitate business growth in real estate investments. Kama Holdings will maintain 100% ownership and control over KRDL post-transaction.

Transaction Details

The share subscription agreement involves a cash consideration of ₹59,000 per equity share. The total cost aggregates to ₹690.30 crore. The transaction is classified as a related party transaction under SEBI regulations but is being executed on an arm's length basis.

A valuation report dated September 8, 2026, issued by Registered Valuer Mr. Arunesh Kumar Dubey, determined the subscription price. The company plans to complete the acquisition on or before September 30, 2026.

Subsidiary Financials

KRDL, incorporated in March 2007, operates in the real estate investment sector. Its authorized share capital stands at ₹2 crore, with paid-up capital of ₹6.2 lakh.

What the Numbers Show

The subsidiary’s total income saw significant volatility over the three-year period. Revenue surged from ₹836.23 lakh in FY24 to ₹2,776.12 lakh in FY25, representing a sharp expansion. However, income contracted to ₹1,430.99 lakh in FY26, falling below the FY24 level despite the recent high. This divergence highlights variable revenue generation patterns within the real estate investment portfolio prior to this major capital injection.

Kama Holdings has approved the off-market transfer of up to 32,00,000 equity shares of its subsidiary, SRF Limited, to another group entity. The board authorized the related-party transaction on September 9, 2026.

The shares will be transferred to Kama Realty (Delhi) Limited (KRDL), a wholly owned subsidiary of Kama Holdings and part of the promoter group. The deal represents up to 1.08% of SRF’s paid-up capital.

Transaction Details

The company entered into a Share Purchase Agreement for the transfer in one or more tranches. The consideration will be based on the closing price on the trading day immediately prior to the execution of each tranche. This pricing mechanism ensures compliance with Regulation 10(1)(a) of the SEBI Substantial Acquisition of Shares and Takeovers (SAST) Regulations.

The transaction is classified as a related-party transaction conducted at arm’s length and at market price. The company expects to complete the sale or disposal on or before September 30, 2026.

Impact on Ownership Structure

The inter-se transfer will not alter the control, management, or ultimate beneficial ownership of SRF Limited. SRF will continue to operate as a subsidiary of Kama Holdings. There will be no change in the aggregate shareholding of the promoter and promoter group in SRF.

Financial Context

The disclosure highlights the significant financial contribution of SRF to the parent company. As per the audited financial statements for the fiscal year ended March 31, 2026, SRF contributed substantially to the consolidated figures of Kama Holdings.

Note: Net worth includes minority interest.

What the Numbers Show

SRF Limited accounts for 99.50% of Kama Holdings’ total income and 93.60% of its net worth. This extreme concentration indicates that Kama Holdings’ financial performance is almost entirely dependent on the results of SRF Limited. The inter-se transfer of shares between two entities within this dominant structure does not diversify this dependency but rather consolidates assets within the promoter group.