Mahalaxmi Seamless Limited has disclosed a proposed off-market inter-se transfer of 5,51,412 equity shares by way of gift between its promoters, representing 10.44% of the company's total share capital. The transaction involves the transfer of shares from Mr. Madhavprasad Govindram Jalan to Mr. Vivek Madhavprasad Jalan, who is an immediate relative and the Managing Director of the company. The transfer is scheduled to take place on or after July 15, 2026.

The Board of Directors of Mahalaxmi Seamless Limited took note of the proposed transfer during its meeting held on July 02, 2026. The acquisition is being undertaken pursuant to Regulation 10(1)(a)(i) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. This regulation provides an exemption from making an open offer when the transfer is between immediate relatives and the acquirer's total shareholding or voting rights in the listed company does not exceed 25%.

Mr. Vivek Madhavprasad Jalan, the acquirer, currently holds 5,08,080 equity shares, which accounts for 9.62% of the total diluted share capital. Following the proposed transaction, his shareholding will increase to 10,59,492 equity shares, constituting 20.06% of the total diluted share capital. Conversely, the transferor, Mr. Madhavprasad Govindram Jalan, will divest his entire holding of 5,51,412 shares, which represents 10.44% of the share capital, reducing his stake to nil.

The shares are being transferred by way of gift, and consequently, the pricing provisions related to volume weighted average market price or other valuation mechanisms are not applicable to this transaction. The acquirer has declared that both the transferor and transferee have complied, and will continue to comply, with the applicable disclosure requirements outlined in Chapter V of the Takeover Regulations, 2011.

Shareholding Pattern

The following table details the changes in shareholding for the individuals involved in the inter-se transfer:

Mahalaxmi Seamless Limited reported a net loss of ₹7.35 lakh for the financial year ended March 31, 2026, a reversal from the net profit of ₹25.48 lakh recorded in the previous year. The company's revenue from operations increased marginally to ₹188.82 lakh from ₹186.32 lakh in FY25. The Board of Directors approved the audited financial results for the half year and year ended March 31, 2026, at a meeting held on May 28, 2026.

The financial performance was impacted by elevated expenses, which totaled ₹200.54 lakh for the year, up from ₹170.04 lakh in the prior year. Employee benefits expense rose significantly to ₹124.85 lakh from ₹78.96 lakh, while finance costs stood at ₹20.93 lakh. Depreciation and amortization expenses decreased to ₹19.71 lakh from ₹35.97 lakh. The company reported a basic and diluted earnings per share (EPS) of (₹0.14) for FY26, compared to ₹0.48 in the previous year.

Financial Results Summary

The statutory auditors, M/s Agrawal Jain & Gupta, issued an unmodified opinion on the standalone financial results. The audit was conducted in accordance with the Standards on Auditing specified under the Companies Act, 2013. The board meeting was convened at the registered office in Pipenagar, Raigad, and the intimation was submitted to BSE Limited in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.