Kiran Vyapar Limited acquired a 0.68% equity stake in Greshma Finvest Private Limited (GFPL) for a total consideration of ₹11.86 crore. This transaction increases the company's total holding in the NBFC to 6.37% of its post-issue paid-up equity share capital.

The acquisition involved the subscription of 85,966 equity shares. The allotment was confirmed by GFPL’s Board of Directors on September 30, 2026, with formal notification to BSE on October 1, 2026. The consideration was paid in cash, and the deal does not require any governmental or regulatory approvals.

Strategic Rationale and Sector Alignment

Kiran Vyapar is registered as a Non-Banking Financial Company - Systemically Important Non-Deposit taking (NBFC-NDSTI) with the Reserve Bank of India. The company stated that the acquisition is strategic in nature, aimed at expanding its investment and financial services activities. GFPL operates in the NBFC sector, aligning with Kiran Vyapar’s core business focus.

The filing confirms that the proposed acquisition does not fall within the purview of a related party transaction. Furthermore, the promoters and promoter group of Kiran Vyapar have no interest in GFPL.

Financial Profile of Greshma Finvest

GFPL was incorporated on October 12, 2010, under the Companies Act, 1956, with its registered office in Mumbai. The target entity has shown a declining trend in turnover over the last three financial years, despite maintaining a positive net worth.

For FY26, GFPL reported a Profit After Tax (PAT) of ₹29.29 lakh and a net worth of ₹77.76 crore.

What the Numbers Show

A significant divergence exists between GFPL’s capital base and its recent operational performance. While the company holds a substantial net worth of ₹77.76 crore, its turnover for FY26 dropped sharply to ₹1.40 crore from ₹5.07 crore in FY25. This indicates that the target entity is currently operating well below its asset capacity, suggesting potential idle capital or a contraction in lending activity that Kiran Vyapar may look to address through this strategic investment.

Kiran Vyapar Limited held its 30th Annual General Meeting on September 26, 2026, where members approved the audited standalone and consolidated financial statements for the fiscal year ended March 31, 2026. The meeting also sanctioned the declaration of a final dividend on equity shares for the same period.

The proceedings were conducted via Video Conferencing and Other Audio Visual Means in compliance with Ministry of Corporate Affairs and SEBI circulars. Chairman Lakshmi Niwas Bangur confirmed that the reports from the Statutory Auditor (V. Singhi & Associates) and Secretarial Auditor (MR & Associates) contained no qualifications or adverse observations regarding the company's functioning.

Key resolutions passed

Shareholders voted on both ordinary and special business items during the meeting, which commenced at 2:30 pm and concluded at 3:01 pm. The following resolutions were transacted:

• Adoption of Annual Audited Standalone and Consolidated Financial Statements for FY26.
• Declaration of Final Dividend on equity shares for FY26.
• Re-appointment of Alka Lakshmi Niwas Bangur as Director liable to retire by rotation.
• Approval of continuation of directorship for Alka Lakshmi Niwas Bangur upon attaining age 75.
• Approval of material related party transactions with promoter group companies regarding loans.

Voting and compliance details

The company provided remote e-voting facilities to all members from September 23, 2026, to September 25, 2026. Vinod Kothari & Company served as the scrutinizer for the voting process. The combined voting results, along with the scrutinizer's report, are set to be submitted to the stock exchanges within the stipulated timeframe as per Regulation 44 of the SEBI (LODR) Regulations, 2015.

Voting results breakdown

The scrutinizer’s report details the voting patterns across different shareholder categories. For the adoption of financial statements (Item 1) and declaration of dividend (Item 2), the resolution received overwhelming support. The promoter and promoter group, holding 20,451,000 shares, cast 100% of their votes in favour. Public non-institutional shareholders, who held 6,833,211 shares, polled votes on 2,252,612 shares, resulting in 98.84% in favour and 1.16% against.

For the re-appointment of Mrs. Alka Lakshmi Niwas Bangur (Item 3) and her continued directorship upon turning 75 (Item 4), the support remained consistent. Public non-institutions recorded 98.84% in favour, with a marginal increase in dissenting votes to 26,133 compared to 26,123 for the financial statements.

A distinct pattern emerged in Item 5, concerning material related party transactions. As per Regulation 23 of SEBI (LODR) Regulations, 2015, votes cast by related parties (including the promoter group) were treated as invalid. Consequently, only public non-institutional shareholders’ votes were considered valid. Out of 6,833,211 shares held by this category, 888,401 shares voted, with 97.06% in favour and 2.94% against. The total invalid votes for this item amounted to 21,815,211, primarily comprising the promoter group's holdings.

What the Numbers Show

The voting data highlights a significant divergence in participation between standard corporate actions and related party transactions. While overall turnout for financial approvals was high among the public non-institutional segment (32.97% of their holding voted), participation dropped sharply to 13.00% for the related party loan approval (Item 5). This suggests that while minority shareholders are engaged with general governance matters like dividends and accounts, they are less inclined to vote on specific promoter-related financial arrangements, or potentially face logistical barriers in accessing the specific e-voting module for that item. The consistent dissent rate of approximately 1.16% across Items 1-4 indicates a stable base of approximately 26,000 shares held by dissenting public shareholders.