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.

Kama Holdings shareholders approved all agenda items at its 26th Annual General Meeting held on September 1, 2026. The company conducted the meeting through video conferencing, with voting rights reckoned as on August 25, 2026.

The scrutinizer’s report confirmed that both ordinary resolutions passed with requisite majorities. Shareholders voted to adopt the standalone and consolidated financial statements for the fiscal year ended March 31, 2026. Additionally, the assembly re-elected Ashish Bharat Ram as a director following his retirement by rotation.

Voting Participation and Results

The remote e-voting period ran from August 29, 2026, to August 31, 2026. A total of 59 shareholders cast votes across both remote e-voting and the virtual AGM platform. Sixty members registered attendance during the video-conferenced session.

Promoter group holdings accounted for 24,067,931 shares, representing approximately 75% of the total outstanding shares of 32,090,575. The promoter group voted in favour of all resolutions.

Governance and Compliance

Arvind Kohli & Associates served as the scrutinizer for the voting process. The firm verified that the voting mechanism complied with Section 108 of the Companies Act, 2013, and SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. The notice for the AGM was published in Financial Express and Jansatta on August 8, 2026.

Ekta Maheshwari, Whole-time Director, CFO, and Company Secretary, signed off on the submission of results to BSE Limited.