SRF Limited promoter group entity KAMA Holdings Limited has sold 1,95,000 equity shares to its wholly owned subsidiary, KAMA Realty (Delhi) Limited. Executed as an off-market inter-se transfer on September 24, 2026, this transaction marks the fourth and final tranche of a planned internal restructuring.

This sale reduces KAMA Holdings' stake in SRF to 14,56,45,000 shares, representing 49.13% of the total share capital. KAMA Realty's holding increases correspondingly to 32,00,000 shares, or 1.08% of the equity, consolidating the promoter group's overall control without changing the total share count.

Transaction Details

The disclosure was filed under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The mode of acquisition was an off-market inter-se transfer between group entities. This specific tranche follows earlier disclosures dated September 9, September 18, September 21, and September 23, 2026, regarding the proposed transfer of up to 32,00,000 equity shares.

Promoter Group Structure

Both KAMA Holdings and KAMA Realty are part of the promoter group of SRF Limited. Following the first tranche on September 18, 2026, where 10 lakh shares were transferred, a second tranche on September 21, 2026, involving 9.95 lakh shares, and a third tranche on September 23, 2026, involving 10,10,000 shares, this fourth tranche involves 1,95,000 shares. The cumulative volume of these four tranches now stands at 32,00,000 shares, reflecting a systematic internal reallocation of equity within the promoter group.

Other Persons Acting in Concert (PAC) include family members such as Mr. Arun Bharat Ram, Mr. Ashish Bharat Ram, and Mr. Kartik Bharat Ram, along with various group entities like SRF Altech Limited, SRF Global BV, and SRF Industries (Thailand) Ltd. The total equity share capital of SRF remains unchanged at ₹2,96,42,48,250, consisting of 29,64,24,825 equity shares of ₹10 each. The total diluted share capital stands at ₹2,96,65,76,350.

Valuation and Rationale

The aggregate value of the 32,00,000 shares transferred across the four tranches is ₹809.63 crore. The average price per share for the entire acquisition is ₹2,530.12, based on a pricing methodology agreed upon by the Transferor and Transferee pursuant to a Share Purchase Agreement dated September 9, 2026. The stated rationale for the transfer is to create self-sustainable profitability and facilitate business growth for KAMA Realty.

Tranche-wise Pricing Details

Regulatory Compliance

The acquisition falls under Regulation 10(1)(a)(iii) of the SEBI SAST Regulations, which provides an exemption from making an open offer for inter-se transfers among promoters or persons acting in concert. Prior intimation under Regulation 10(5) was submitted on September 9, 2026. The transaction does not result in any change in control, management, or ultimate beneficial ownership of SRF Limited.

SRF Limited confirmed the resignation of Geeta Shamrao Jadhav from her role as President and Chief Human Resources Officer (CHRO). The departure is effective from the close of business hours on September 23, 2026, citing personal reasons.

The company disclosed this change in senior management personnel to stock exchanges under Regulation 30 of the SEBI Listing Regulations. Jadhav’s resignation letter, dated July 1, 2026, was addressed to Joint Managing Director Kartik Bharat Ram. She stated that there were no material reasons for her exit other than those mentioned in the letter.

Regulatory disclosure and timeline

SRF Limited filed the necessary disclosures with BSE and NSE on September 23, 2026. The filing included details required under SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/II/3762/2026 dated January 30, 2026. The company noted that Jadhav ceased to be a Senior Management Personnel with effect from the close of business hours on the same date.

Key takeaways

• Geeta Shamrao Jadhav resigned as President and CHRO of SRF Limited due to personal reasons.
• The resignation is effective from the close of business hours on September 23, 2026.
• The resignation letter was submitted on July 1, 2026, to Joint Managing Director Kartik Bharat Ram.
• SRF Limited disclosed the change under Regulation 30 of SEBI Listing Regulations.